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Inventories | 6 Months Ended
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Jun. 30, 2014
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories at June 30, 2014 and December 31, 2013 were as follows (in millions):
| June 30, 2014 |  | December 31, 2013
Raw materials and supplies | $ | 293.3 |  |  | $ | 277.6 |
Work-in-process | 1,087.7 |  |  | 984.9 |
Finished goods | 151.4 |  |  | 162.1 |
Total inventories at current cost | 1,532.4 |  |  | 1,424.6 |
Adjustment from current cost to LIFO cost basis | (8.5 | ) |  | 29.4 |
Inventory valuation reserves | (51.4 | ) |  | (84.3 | )
Progress payments | (66.0 | ) |  | (47.6 | )
Total inventories, net | $ | 1,406.5 |  |  | $ | 1,322.1 |
Inventories are stated at the lower of cost (last-in, first-out (“LIFO”), first-in, first-out (“FIFO”), and average cost methods) or market, less progress payments. Most of the Company’s inventory is valued utilizing the LIFO costing methodology. Inventory of the Company’s non-U.S. operations is valued using average cost or FIFO methods. The effect of using the LIFO methodology to value inventory, rather than FIFO, increased cost of sales by $37.9 million for the first six months of 2014, which was offset by a $35.0 million reduction in net realizable value reserves on the carrying value of LIFO-based inventory. The first six months of 2013 results included a $23.9 million decrease in cost of sales from using the LIFO costing methodology. The first six months of 2014 results included $13.1 million in inventory valuation charges related to the market-based valuation of industrial titanium products in the Flat Rolled Products segment.

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- Definition The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a, b, c -Article 5 + Details
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