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Inventories, Net

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories, Net

Inventories, Net

Inventories at December 31, 2020 and 2019 comprised the following:

			December 31,
			2020						2019
Finished goods			$	52.9					$	57.6
Work in process			22.3						19.3
Raw materials and purchased parts			101.5						90.3
Total FIFO cost			176.7						167.2
Excess of FIFO cost over LIFO inventory value			(14.7)						(12.3)
Total inventories			$	162.0					$	154.9

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 38% and 36% of total inventory at December 31, 2020 and 2019, 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://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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