Inventories (Tables)

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories at March 31, 2021 and December 31, 2020 were as follows (in millions):

	March 31, 2021		December 31, 2020
Raw materials and supplies	$	224.1	$	207.6
Work-in-process	736.0		690.7
Finished goods	164.0		181.6
Total inventories at current cost	1,124.1		1,079.9
Adjustment from current cost to LIFO cost basis	37.3		44.1
Inventory valuation reserves	(113.6)		(126.9)
Total inventories, net	$	1,047.8	$	997.1

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):

	Three months ended March 31,
	2021		2020
LIFO benefit (charge)	$	(6.8)	$	12.0
NRV benefit (charge)	6.8		(12.0)
Net cost of sales impact	$	—	$	—