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Inventories (Tables) | 12 Months Ended
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Dec. 31, 2021
Inventory Disclosure [Abstract] |
Schedule of Inventory | Inventories at December 31, 2021 and 2020 were as follows (in millions):
|  | 2021 |  | 2020*
Raw materials and supplies |  | $ | 160.3 |  |  | $ | 207.6 |
Work-in-process |  | 829.6 |  |  | 690.7 |
Finished goods |  | 121.8 |  |  | 181.6 |
Total inventories at current cost |  | 1,111.7 |  |  | 1,079.9 |
Inventory valuation reserves |  | (65.4) |  |  | (82.8) |
Total inventories, net |  | $ | 1,046.3 |  |  | $ | 997.1 |
* Previously, the Company utilized the LIFO method to account for a substantial portion of its inventory. As described in Note 1, in the fourth quarter of 2021 the Company elected to change the method of accounting for the inventory under the LIFO method to the current cost method. The effects of this change in accounting principle have been retrospectively applied to all periods presented.

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- Definition Disclosure of the values of the inventory by category at the balance sheet date including raw materials, work-in-process, finished goods at current cost, adjusted for LIFO reserves and progress payments + References No definition available. + Details
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