Inventories

6 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

Inventories

NOTE 4: INVENTORIES

The Company primarily uses the last-in, first-out (LIFO) method of valuing inventory. Interim LIFO calculations are based on actual inventory levels.

Inventories, at stated LIFO value, were classified at June 30, 2019 and December 31, 2018 as follows:

	June 30,		December 31,
	2019		2018
	(In millions)
In process and finished products	$	823.6	$	806.3

If current cost had been used to value inventories, such inventories would have been $15 million lower and $18 million higher than reported at June 30, 2019 and December 31, 2018, respectively. Approximately 91% of inventories are accounted for under the LIFO method at June 30, 2019 and December 31, 2018. Non-LIFO inventories consist primarily of inventory at our foreign facilities using the moving average cost and the specific cost methods. Substantially all of our inventories consist of finished products.

The Company has consignment inventory at certain customer locations, which totaled $8.5 million and $9.3 million at June 30, 2019 and December 31, 2018, respectively.