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INVENTORIES | 6 Months Ended
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Jun. 30, 2023
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES The following table recaps the components of inventory for each period presented:
| June 30, 2023 |  | December 31, 2022
Finished goods | $ | 365.2 |  |  | $ | 389.9 |
Work in process | 77.2 |  |  | 71.1 |
Raw materials and supplies | 415.4 |  |  | 446.5 |
Inventories | $ | 857.8 |  |  | $ | 907.5 |
All inventories are stated at the lower of cost or net realizable value. For the majority of our inventories, we use the first-in, first-out method which is representative of our standard costs (includes materials, labor, and production overhead at normal production capacity). Remaining inventories are valued using an average-cost method. Inventories are reviewed at least quarterly for slow-moving and potentially obsolete items using actual inventory turnover and, if necessary, are written down to estimated net realizable value. We have had no material changes in inventory writedowns or slow-moving and obsolete inventory reserves in any of the periods presented.

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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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