Inventories

9 Months Ended

Aug. 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 $48.2 million, or 47.9%, and $47.6 million, or 45.9%, of gross inventories at August 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:

	August 31, 2019			November 30, 2018
	(Dollars in millions)
Raw materials and supplies	$	35.3		$	35.0
Work-in-process	5.2			5.3
Finished goods	60.1			63.5
Inventories, gross	100.6			103.8
LIFO reserve	(15.4		)	(18.1		)
Obsolescence reserve	(6.6		)	(6.9		)
Inventories, net	$	78.6		$	78.8