Inventories

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories as of September 30, 2020 and December 31, 2019 consisted of the following.

	September 30, 2020		December 31, 2019
Raw materials, including parts and subassemblies	$	625.8	$	370.5
Work-in-process	97.5		47.6
Finished goods	271.1		71.4
	994.4		489.5
Excess of LIFO costs over FIFO costs	13.0		13.0
Inventories	$	1,007.4	$	502.5

Approximately $481.6 million of the increase in inventories from December 31, 2019 to September 30, 2020 is related to the acquisition of Ingersoll Rand Industrial. In the nine month period ended September 30, 2020, the Company recorded non-cash adjustments of $45.9 million to reduce the carrying value of inventories acquired in the merger with Ingersoll Rand Industrial accounted for under the LIFO liquidation method, all of which was recognized in Cost of sales in the three month period ended June 30, 2020.