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Inventories

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories

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.

The remaining inventories, including the inventory of the Company’s non-U.S. operations, were not impacted by this change in accounting principle and continue to be valued using the FIFO and average cost methods, and these inventory values do not differ materially from current cost.

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- References

No definition available.

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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

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