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Note 6 - Inventories | 6 Months Ended
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Jun. 30, 2022
Notes to Financial Statements |
Inventory Disclosure [Text Block] |
6. | Inventories
Inventories are valued at the lower of cost or net realizable value and consisted of the following:
|  | June 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Inventories carried at LIFO: |  |  |  |  |  |  |  |
Finished goods(a) |  | $ | 68.2 |  |  | $ | 54.0 |
Raw materials and work-in-process |  |  | 50.5 |  |  |  | 42.4 |
Excess of FIFO over LIFO cost(b) |  |  | (49.0 | ) |  |  | (43.0 | )
Total LIFO inventories |  | $ | 69.7 |  |  | $ | 53.4 |
Inventories carried at FIFO: |  |  |  |  |  |  |  |
Finished goods(a) |  | $ | 58.8 |  |  | $ | 53.8 |
Raw materials and work-in-process |  |  | 60.1 |  |  |  | 53.4 |
Total FIFO inventories |  | $ | 118.9 |  |  | $ | 107.2 |
Total inventories |  | $ | 188.6 |  |  | $ | 160.6 |
| (a) | Finished goods include machines, parts and consumables and component parts that are used in our products.
| (b) | The difference between replacement cost and the stated LIFO inventory value is not materially different from the reserve for the LIFO valuation method.
We are currently operating in a more volatile inflationary environment and we experienced higher product cost inflation in most categories during the second quarter of 2022. Our LIFO charge for the three and six months ended June 30, 2022 was $4.9 million and $6.0 million, respectively, compared to $2.4 million and $2.2 million in the three and six months ended June 30, 2021, respectively. The increase in each period was attributable to the broad effects of inflation on materials.

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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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