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Inventories | 6 Months Ended
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Jun. 30, 2017
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories at June 30, 2017 and December 31, 2016 were as follows (in millions):
| June 30, 2017 |  | December 31, 2016
Raw materials and supplies | $ | 141.6 |  |  | $ | 149.6 |
Work-in-process | 886.7 |  |  | 837.9 |
Finished goods | 159.4 |  |  | 161.7 |
Total inventories at current cost | 1,187.7 |  |  | 1,149.2 |
Adjustment from current cost to LIFO cost basis | 79.1 |  |  | 97.3 |
Inventory valuation reserves | (150.2 | ) |  | (169.0 | )
Progress payments | (40.4 | ) |  | (40.5 | )
Total inventories, net | $ | 1,076.2 |  |  | $ | 1,037.0 |
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):
|  | Six months ended June 30,
|  | 2017 |  | 2016
LIFO benefit (charge) |  | $ | (18.2 | ) |  | $ | (4.6 | )
NRV benefit (charge) |  | 18.1 |  |  | 5.0 |
Net cost of sales impact |  | $ | (0.1 | ) |  | $ | 0.4 |
The first six months of 2016 results included $17.7 million in inventory valuation charges related to the market-based valuation of titanium products.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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