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Inventories (Tables) | 9 Months Ended
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Sep. 30, 2022
Inventory Disclosure [Abstract] |
Schedule of inventories | Inventories consisted of the following:
(in Millions) | September 30, 2022 |  | December 31, 2021
Finished goods | $ | 586.4 |  |  | $ | 559.2 |
Work in process | 898.5 |  |  | 730.8 |
Raw materials, supplies and other | 246.6 |  |  | 231.9 |
Net inventories | $ | 1,731.5 |  |  | $ | 1,521.9 |
Effective July 1, 2022, we changed our accounting principle for inventory valuation for inventories located in the U.S. from a last-in, first-out ("LIFO") basis to a first-in, first-out ("FIFO") basis. See Note 1 to the Condensed Consolidated Financial Statements for additional information of the effect of the change.

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