Inventories

9 Months Ended

Sep. 30, 2025

Note 7 - Inventories

The components of inventories at September 30, 2025 and December 31, 2024 were as follows:


	September 30, 2025		December 31, 2024
Manufacturing supplies	$	44.9	$	42.8
Raw materials	134.0		155.2
Work in process	507.4		476.0
Finished products	632.8		595.0
Subtotal	1,319.1		1,269.0
Allowance for obsolete and surplus inventory	(93.2)		(73.4)
Total inventories, net	$	1,225.9	$	1,195.6

Inventories are valued at net realizable value, with approximately 59% valued on the first-in, first-out ("FIFO") method and the remaining 41% valued on the last-in, first-out ("LIFO") method. The majority of the Company's U.S. inventories are valued on the LIFO method. The Company's non-U.S. inventories are valued on the FIFO method.

The LIFO reserve as of September 30, 2025 and December 31, 2024 was $291.4 million and $257.2 million, respectively. 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 are based on current 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.