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Inventories, Net | 12 Months Ended
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Dec. 31, 2017
Inventory Disclosure [Abstract] |
Inventories, Net | FOOTNOTE 6 Inventories, Net The components of net inventories were as follows as of December 31, (in millions):
|  | 2017 |  |  | 2016 |
Raw materials and supplies |  | $ | 419.6 |  |  | $ | 350.7 |
Work-in-process |  |  | 252.5 |  |  |  | 236.1 |
Finished products |  |  | 1,826.7 |  |  |  | 1,529.2 |
Total inventories |  | $ | 2,498.8 |  |  | $ | 2,116.0 |
Inventory costs include direct materials, direct labor and manufacturing overhead, or when finished goods are sourced, the cost is the amount paid to the third party. Approximately 19.9% and 17.5% of gross inventory costs at December 31, 2017 and 2016, respectively, were determined by the last-in, first-out (“LIFO”) method; for the balance, cost was determined using the first-in, first-out (“FIFO”) method. As of December 31, 2017 and 2016, LIFO reserves were $13.6 million and $16.6 million, respectively. The pretax income from continuing operations recognized by the Company related to the liquidation of LIFO-based inventories in 2017, 2016 and 2015 was $1.4 million, $2.9 million and $1.5 million, 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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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