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Inventories

9 Months Ended

Sep. 30, 2023

The Corporation’s residential building products inventories, and a majority of its workplace furnishings inventories, are valued at cost, on the "last-in, first-out" (LIFO) basis. Remaining inventories are generally valued at the lower of cost, on the "first-in, first-out" (FIFO) basis, or net realizable value. Inventories included in the Condensed Consolidated Balance Sheets consisted of the following:


	September 30, 2023			December 31, 2022

Finished products, net	$	142.6		$	121.0
Materials and work in process, net	140.6			112.8
LIFO allowance	(54.3)			(53.7)
Total inventories, net	$	228.9		$	180.1

Inventory valued by the LIFO costing method	91		%	91		%

The increase in inventory during the current year-to-date period is primarily due to the acquisition of Kimball International.

In addition to the LIFO allowance, the Corporation recorded inventory allowances of $13.9 million and $14.9 million as of September 30, 2023 and December 31, 2022, respectively, to adjust for excess and obsolete inventory or otherwise reduce FIFO-basis inventory to net realizable value.