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Inventories, Net

12 Months Ended

Dec. 31, 2018

Inventory Disclosure [Abstract]

Inventories, Net

Inventories, Net

Inventories at December 31, 2018 and 2017 comprised the following:

	December 31,
	2018				2017
Finished goods	$	49.8			$	33.0
Work in process	16.2				56.0
Raw materials and purchased parts	74.9				66.4
Total FIFO cost	140.9				155.4
Excess of FIFO cost over LIFO inventory value	(12.1		)		(12.4		)
Total inventories	$	128.8			$	143.0

As indicated in Note 3, in connection with the adoption of ASC 606, effective January 1, 2018, inventories were reduced by $40.2. In connection with the Cues transaction, we acquired $30.7 of inventories.

Inventories include material, labor and factory overhead costs and are reduced, when necessary, to estimated net realizable values. Certain domestic inventories are valued using the last-in, first-out (“LIFO”) method. These inventories were approximately 45% and 56% of total inventory at December 31, 2018 and 2017, respectively. Other inventories are valued using the first-in, first-out (“FIFO”) method.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-URI http://asc.fasb.org/topic&trid=2126998

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