Inventories

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories as of December 31, 2021 and 2020 consisted of the following.

	2021		2020
Raw materials, including parts and subassemblies	$	506.6	$	451.0
Work-in-process	88.6		62.2
Finished goods	283.4		194.7
	878.6		707.9
LIFO excess (reserve)	(24.4)		8.8
Inventories	$	854.2	$	716.7

At December 31, 2021 and 2020, approximately 41% and 39%, respectively, of total inventory is accounted for on a last-in, first-out (“LIFO”) basis.

In the year ended December 31, 2020, the Company recorded non-cash adjustments of $35.6 million to reduce the carrying value of inventories acquired in the merger with Ingersoll Rand Industrial accounted for under the LIFO method, all of which was recognized in Cost of sales in the three month period ended June 30, 2020.