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INVENTORIES | 3 Months Ended
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Mar. 31, 2024
Inventory Disclosure [Abstract] |
INVENTORIES | NOTE 7. INVENTORIES Inventories consisted of the following:
| March 31, 2024 |  | December 31, 2023 |  | March 31, 2023
Inventories | ($ in millions)
Supplies | $ | 146.7 |  |  | $ | 160.3 |  |  | $ | 140.0 |
Raw materials | 188.2 |  |  | 171.1 |  |  | 193.5 |
Work in process | 160.8 |  |  | 153.5 |  |  | 211.4 |
Finished goods | 473.9 |  |  | 507.6 |  |  | 721.8 |
Inventories excluding LIFO reserve | 969.6 |  |  | 992.5 |  |  | 1,266.7 |
LIFO reserve | (145.7) |  |  | (133.7) |  |  | (176.8) |
Inventories, net | $ | 823.9 |  |  | $ | 858.8 |  |  | $ | 1,089.9 |
Inventories under the LIFO method are based on annual estimates of quantities and costs as of year-end; therefore, the condensed financial statements at March 31, 2024 reflect certain estimates relating to inventory quantities and costs at December 31, 2024. The replacement cost of our inventories would have been approximately $145.7 million, $133.7 million and $176.8 million higher than reported at March 31, 2024, December 31, 2023 and March 31, 2023, respectively.

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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 -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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