Inventories

3 Months Ended

12 Months Ended

Mar. 31, 2019

Dec. 31, 2018

Inventory Disclosure [Abstract]

Inventories

Note 7. Inventories

We state all inventories at the lower of cost or net realizable value. We use the last-in, first-out (LIFO) method for a portion of our inventories located in the continental U.S. Other inventories are valued by the first-in, first-out (FIFO) method. FIFO cost approximates current replacement cost.

Inventories consisted of the following:

	March 31, 2019			December 31, 2018
Finished products	$	415.5		$	400.7
Work in process	580.5			570.4
Raw materials and supplies	83.7			80.4
Total (approximates replacement cost)	1,079.7			1,051.5
Decrease to LIFO cost	(44.2		)	(47.4		)
Inventories	$	1,035.5		$	1,004.1

Inventories

We state all inventories at the lower of cost or market. We use the last-in, first-out (LIFO) method for a portion of our inventories located in the continental U.S. Other inventories are valued by the first-in, first-out (FIFO) method. FIFO cost approximates current replacement cost.

Inventories at December 31 consisted of the following:

	2018			2017
Finished products	$	400.7		$	452.0
Work in process	570.4			580.0
Raw materials and supplies	80.4			70.4
Total (approximates replacement cost)	1,051.5			1,102.4
Decrease to LIFO cost	(47.4		)	(40.1		)
Inventories	$	1,004.1		$	1,062.3

Inventories valued under the LIFO method comprised $194.8 million and $231.4 million of total inventories at December 31, 2018 and 2017, respectively.

During the year ended December 31, 2018, we recognized $38.6 million of inventory write-offs in cost of sales primarily related to the suspension of commercial activities for Imrestor.