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Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of the following:

			December 31,
(in Millions)			2020						2019
Finished goods			$	434.6					$	372.2
Work in process			621.9						559.4
Raw materials, supplies and other			165.7						217.3
FIFO inventory			$	1,222.2					$	1,148.9
Less: Excess of FIFO cost over LIFO cost			(126.6)						(131.9)
Net inventories			$	1,095.6					$	1,017.0

Approximately 33 percent and 21 percent of our inventories in 2020 and 2019, respectively, were recorded on the LIFO basis.

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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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