Inventories

6 Months Ended

Jun. 30, 2026

Note 8 - Inventories

The components of inventories at June 30, 2026 and December 31, 2025 were as follows:


	June 30, 2026		December 31, 2025
Manufacturing supplies	$	47.4	$	44.0
Raw materials	159.3		147.1
Work in process	515.8		509.6
Finished products	617.8		634.5
Subtotal	1,340.3		1,335.2
Allowance for obsolete and surplus inventory	(91.2)		(91.9)
Total inventories, net	$	1,249.1	$	1,243.3

Inventories are valued at net realizable value, with approximately 57% valued on the first-in, first-out ("FIFO") method and the remaining 43% 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 June 30, 2026 and December 31, 2025 was $329.1 million and $312.0 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.