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Inventories | 6 Months Ended
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Jun. 30, 2017
Inventory Disclosure [Abstract] |
Inventories | Note 5 - Inventories The components of inventories at June 30, 2017 and December 31, 2016 were as follows:
| June 30, 2017 | December 31, 2016
Manufacturing supplies | $ | 28.9 |  | $ | 28.2 |
Raw materials | 71.1 |  | 54.9 |
Work in process | 214.5 |  | 182.9 |
Finished products | 331.9 |  | 308.8 |
Subtotal | $ | 646.4 |  | $ | 574.8 |
Allowance for obsolete and surplus inventory | (29.4 | ) | (21.1 | )
Total Inventories, net | $ | 617.0 |  | $ | 553.7 |
Inventories are valued at the lower of cost or market, with approximately 55% valued by the first-in, first-out ("FIFO") method and the remaining 45% valued by the last-in, first-out ("LIFO") method. The majority of the Company's domestic inventories are valued by the LIFO method and all of the Company's international (outside the United States) inventories are valued by the FIFO method. An actual valuation of the inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management’s estimates of expected year-end inventory levels and costs. Because these calculations are subject to many factors beyond management’s control, annual results may differ from interim results as they are subject to the final year-end LIFO inventory valuation. The LIFO reserves at June 30, 2017 and December 31, 2016 were $165.3 million and $179.5 million, respectively. The Company recognized a decrease in its LIFO reserve of $14.2 million during the first six months of 2017, compared with a decrease in its LIFO reserve of $5.9 million during the first six months of 2016.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 + Details
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