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Inventories, Net

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

Inventories, Net

Inventories

The components of inventories were as follows at December 31, (in millions):

	2019				2018
Raw material and supplies	$	231.0			$	262.5
Work-in-process	135.3				151.2
Finished products	1,240.4				1,347.0
	$	1,606.7			$	1,760.7

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 22.8% and 23.6% of gross inventory costs at December 31, 2019 and 2018, 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. At December 31, 2019 and 2018, LIFO reserves were a liability of $13.9 million and $6.7 million,

respectively. The pre-tax (expense) income from continuing operations recognized by the Company related to the liquidation of LIFO-based inventories in 2019, 2018 and 2017 was ($3.3) million, ($0.3) million and $1.2 million, respectively.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-URI http://asc.fasb.org/topic&trid=2126998

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