Inventories (Tables)

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories at September 30, 2021 and December 31, 2020 were as follows (in millions):

	September 30, 2021		December 31, 2020
Raw materials and supplies	$	195.5	$	207.6
Work-in-process	804.0		690.7
Finished goods	125.1		181.6
Total inventories at current cost	1,124.6		1,079.9
Adjustment from current cost to LIFO cost basis	0.3		44.1
Inventory valuation reserves	(69.1)		(126.9)
Total inventories, net	$	1,055.8	$	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):

	Nine months ended September 30,
	2021		2020
LIFO benefit (charge)	$	(43.8)	$	7.5
NRV benefit (charge)	43.8		(7.5)
Net cost of sales impact	$	—	$	—