Inventories

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

Inventories

Inventories are summarized as follows:

	SEPTEMBER 30 2020		DECEMBER 31 2019
Finished goods and service parts	$	268.6	$	276.2
Work in process	23.3		22.1
Raw materials	248.3		310.5
Total manufactured inventories	540.2		608.8
LIFO reserve	(49.9)		(48.9)
Total inventory	$	490.3	$	559.9

Inventories are stated at the lower of cost or market for last-in, first-out (“LIFO”) inventory or lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. At September 30, 2020 and December 31, 2019, 43% and 53%, respectively, of total inventories were determined using the LIFO method, which consists primarily of manufactured inventories, including service parts, in the United States. The FIFO method is used with respect to all other inventories. An actual valuation of inventory under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management's estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation.