INVENTORIES

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

The following table recaps the components of inventory for each period presented:

	September 30, 2023		December 31, 2022
Finished goods	$	348.2	$	389.9
Work in process	75.8		71.1
Raw materials and supplies	410.9		446.5
Inventories	$	834.9	$	907.5

All inventories are stated at the lower of cost or net realizable value. For the majority of our inventories, we use the first-in, first-out method which is representative of our standard costs (includes materials, labor, and production overhead at normal production capacity). Remaining inventories are valued using an average-cost method.

Inventories are reviewed at least quarterly for slow-moving and potentially obsolete items using actual inventory turnover and, if necessary, are written down to estimated net realizable value. We have had no material changes in inventory writedowns or slow-moving and obsolete inventory reserves in any of the periods presented.