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Inventories

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories by major classification are as follows:

(Amounts in millions)			September 30, 2023						December 31, 2022
Finished goods			$	889.2					$	882.2
Work in progress			78.8						77.2
Raw materials			178.8						182.3
Total FIFO value			1,146.8						1,141.7
Excess of current cost over LIFO cost			(113.9)						(108.6)
Total inventories – net			$	1,032.9					$	1,033.1

Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 58% and 61% of total inventories as of September 30, 2023, and December 31, 2022, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of September 30, 2023, approximately 36% of the company’s U.S. inventory was accounted for using the FIFO method and 64% was accounted for using the last-in, first-out (“LIFO”) method. There were no LIFO inventory liquidations in the three and nine months ended September 30, 2023, or October 1, 2022.

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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
-Topic 330
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//330/tableOfContent

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