Inventories

6 Months Ended

May 31, 2019

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories are stated at lower of cost or net realizable value. U.S. inventories are valued using the last-in, first-out (“LIFO”) method and represented approximately $44.8 million, or 41.8%, and $47.6 million, or 45.9%, of gross inventories at May 31, 2019 and November 30, 2018, respectively. The remaining portion of inventories, which are located outside of the U.S., are valued using the first-in, first-out (“FIFO”) or an average cost method. Interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to final year-end LIFO inventory valuations. Inventory costs include material, labor, and overhead. Inventories, net, consisted of the following:

	May 31, 2019			November 30, 2018
	(Dollars in millions)
Raw materials and supplies	$	34.7		$	35.0
Work-in-process	5.3			5.3
Finished goods	67.0			63.5
Inventories, gross	107.0			103.8
LIFO reserve	(16.7		)	(18.1		)
Obsolescence reserve	(7.4		)	(6.9		)
Inventories, net	$	82.9		$	78.8