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Inventories | 12 Months Ended
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Dec. 31, 2021
Inventories |
Inventories | Note 4. Inventories ​ Our inventories are primarily stated on the LIFO method, which is not in excess of market. We use the LIFO method of inventory valuation because it results in a better matching of costs and revenues. The cost of inventories stated on the first-in, first-out (“FIFO”) method is not in excess of net realizable value. ​ Inventories consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​
​ | December 31, | ​ | December 31,
​ | 2021 |  | 2020
​ | (in millions)
LIFO inventories - cost on FIFO method | $ | 2,498.2 | ​ | $ | 1,226.0
Cost on FIFO method higher than LIFO value | ​ | (820.4) | ​ | ​ | (115.6)
Inventories - stated on LIFO method | ​ | 1,677.8 | ​ | ​ | 1,110.4
Inventories - stated on FIFO method | ​ | 387.2 | ​ | ​ | 310.0
​ | $ | 2,065.0 | ​ | $ | 1,420.4
​ The changes in the LIFO inventory valuation reserve were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Year Ended December 31,
​ | 2021 | ​ | 2020 | ​ | 2019
​ | (in millions)
LIFO inventory valuation reserve expense (income) | $ | 704.8 | ​ | $ | (22.0) | ​ | $ | (156.0)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ Cost increases for the majority of our products were the primary cause of the 2021 LIFO inventory valuation reserve adjustment charge. Cost decreases for the majority of our products were the primary cause of the 2020 and 2019 LIFO inventory valuation reserve adjustment income. There were insignificant liquidations of LIFO inventory quantities for all years presented.

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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 http://asc.fasb.org/topic&trid=2126998 + Details
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