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Inventories | 9 Months Ended
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Sep. 30, 2022
Inventory Disclosure [Abstract] |
Inventories | 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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- 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 https://asc.fasb.org/topic&trid=2126998 + Details
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