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Inventories | 6 Months Ended
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Jun. 30, 2021
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories at June 30, 2021 and December 31, 2020 were as follows (in millions):
| June 30, 2021 |  | December 31, 2020
Raw materials and supplies | $ | 206.3 |  |  | $ | 207.6 |
Work-in-process | 782.5 |  |  | 690.7 |
Finished goods | 143.9 |  |  | 181.6 |
Total inventories at current cost | 1,132.7 |  |  | 1,079.9 |
Adjustment from current cost to LIFO cost basis | 29.9 |  |  | 44.1 |
Inventory valuation reserves | (103.6) |  |  | (126.9) |
Total inventories, net | $ | 1,059.0 |  |  | $ | 997.1 |
Inventories are stated at the lower of cost (last-in, first-out (LIFO), first-in, first-out (FIFO), and average cost methods) or market. 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, the Company maintains net realizable value (NRV) inventory valuation reserves to adjust the carrying value of LIFO inventory to current replacement cost. These NRV reserves were $29.9 million at June 30, 2021 and $44.1 million at December 31, 2020. 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,
|  | 2021 |  | 2020
LIFO benefit (charge) |  | $ | (14.1) |  |  | $ | 14.0 |
NRV benefit (charge) |  | 14.1 |  |  | (14.0) |
Net cost of sales impact |  | $ | — |  |  | $ | — |

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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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