Inventories (Tables)

6 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories at June 30, 2020 and December 31, 2019 were as follows (in millions):

	June 30, 2020		December 31, 2019
Raw materials and supplies	$	202.2	$	164.9
Work-in-process	796.8		899.6
Finished goods	186.5		161.3
Total inventories at current cost	1,185.5		1,225.8
Adjustment from current cost to LIFO cost basis	47.6		33.6
Inventory valuation reserves	(129.6)		(104.1)
Total inventories, net	$	1,103.5	$	1,155.3

Schedule of Inventory Valuation Impact on Income

Impacts to cost of sales for changes in the LIFO costing methodology and associated NRV inventory reserves were as follows (in millions):

	Six months ended June 30,
	2020		2019
LIFO benefit	$	14.0	$	5.8
NRV charge	(14.0)		(5.9)
Net cost of sales impact	$	—	$	(0.1)