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Inventories

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories by major classification as of 2022 and 2021 year end are as follows:

(Amounts in millions)						2022						2021
Finished goods						$	882.2					$	686.5
Work in progress						77.2						64.3
Raw materials						182.3						140.2
Total FIFO value						1,141.7						891.0
Excess of current cost over LIFO cost						(108.6)						(87.2)
Total inventories – net						$	1,033.1					$	803.8

Inventories accounted for using the FIFO method approximated 61% and 60% of total inventories as of 2022 and 2021 year end, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of 2022 year end, approximately 38% of the company’s U.S. inventory was accounted for using the FIFO method and 62% was accounted for using the LIFO method. There were no LIFO inventory liquidations in 2022, 2021 or 2020.

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- References

No definition available.

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- Definition

The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-URI https://asc.fasb.org/topic&trid=2126998

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