Inventories (Tables)

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Schedule of Inventories

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

	September 30, 2020		December 31, 2019
Raw materials and supplies	$	210.5	$	164.9
Work-in-process	717.9		899.6
Finished goods	191.1		161.3
Total inventories at current cost	1,119.5		1,225.8
Adjustment from current cost to LIFO cost basis	41.1		33.6
Inventory valuation reserves	(124.7)		(104.1)
Total inventories, net	$	1,035.9	$	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):

	Nine months ended September 30,
	2020		2019
LIFO benefit (charge)	$	7.5	$	(1.4)
NRV benefit (charge)	(7.5)		1.3
Net cost of sales impact	$	—	$	(0.1)