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Inventories | 3 Months Ended
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Mar. 31, 2016
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories at March 31, 2016 and December 31, 2015 were as follows (in millions):
| March 31, 2016 |  | December 31, 2015
Raw materials and supplies | $ | 207.5 |  |  | $ | 216.0 |
Work-in-process | 910.5 |  |  | 990.3 |
Finished goods | 164.7 |  |  | 184.1 |
Total inventories at current cost | 1,282.7 |  |  | 1,390.4 |
Adjustment from current cost to LIFO cost basis | 136.1 |  |  | 136.4 |
Inventory valuation reserves | (206.4 | ) |  | (206.3 | )
Progress payments | (46.1 | ) |  | (48.9 | )
Total inventories, net | $ | 1,166.3 |  |  | $ | 1,271.6 |
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. Due to deflationary impacts primarily related to raw materials, the carrying value of the Company’s inventory as valued on LIFO exceeds current replacement cost, and based on a lower of cost or market value analysis, a net realizable value (NRV) inventory reserve is required. Impacts to cost of sales for changes in the LIFO costing methodology and associated NRV inventory reserves were as follows (in millions):
|  | Three months ended March 31,
|  | 2016 |  | 2015
LIFO charge |  | $ | (0.3 | ) |  | $ | (0.5 | )
NRV benefit |  | 0.3 |  |  | 0.5 |
Net cost of sales impact |  | $ | — |  |  | $ | — |
The first three months of 2016 and 2015 results included $10.0 million and $5.3 million, respectively, in inventory valuation charges related to the market-based valuation of titanium products.

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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 S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: 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 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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