Inventories

12 Months Ended

Dec. 31, 2025

The components of inventories are as follows (in millions):


	As of December 31,
	2025		2024(1)
Finished goods	$	719.1	$	431.3
Work in process	7.5		11.0
Raw materials and parts	426.0		410.7
Total inventories, net	1,152.6		853.0

(1) Through our assessment of our change in method of inventory valuation, we identified immaterial errors in our 2024 and 2023 disclosures of current costs of inventory and the excess of current cost over LIFO cost. We have corrected previously reported amounts for those immaterial errors resulting in an increase in total current cost and the excess of current cost over LIFO cost of $8.6 million and $8.7 million in 2024 and 2023, respectively. Such disclosure errors had no impact on the inventory balances reflected in our Consolidated Balance Sheets.

Obsolete and slow-moving inventories were $73.5 million and $55.8 million as of December 31, 2025 and December 31, 2024, respectively.