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Inventories | 3 Months Ended
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Mar. 31, 2024
Inventory Disclosure [Abstract] |
Inventory Disclosure [Text Block] | Inventories Inventories are summarized as follows:
| MARCH 31 2024 |  | DECEMBER 31 2023
Finished goods and service parts | $ | 453.5 |  |  | $ | 395.9 |
Work in process | 35.2 |  |  | 39.2 |
Raw materials | 448.1 |  |  | 471.5 |
Total manufactured inventories | 936.8 |  |  | 906.6 |
LIFO reserve | (94.9) |  |  | (90.9) |
Total inventory | $ | 841.9 |  |  | $ | 815.7 |
Inventories are stated at the lower of cost or market for last-in, first-out (“LIFO”) inventory or lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. At March 31, 2024 and December 31, 2023, 52% and 49%, respectively, of total inventories were determined using the LIFO method, which consists primarily of manufactured inventories, including service parts, for the lift truck business in the United States. The FIFO method is used with respect to all other inventories. An actual valuation of inventory under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management's estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation.

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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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