Inventories

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories at March 31, 2022 and December 31, 2021 were as follows (in millions):

	March 31, 2022		December 31, 2021
Raw materials and supplies	$	219.9	$	160.3
Work-in-process	919.2		829.6
Finished goods	112.9		121.8
Total inventories at current cost	1,252.0		1,111.7
Inventory valuation reserves	(63.0)		(65.4)
Total inventories, net	$	1,189.0	$	1,046.3

Inventories are stated at the lower of cost (first-in, first-out (FIFO) and average cost methods) or net realizable value.