Inventories

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

Inventories

Inventories

We use the last-in, first-out (LIFO) method for the majority 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 measured using LIFO must be valued at the lower of cost or market. Inventories measured using FIFO must be valued at the lower of cost or net realizable value.

Inventories at December 31 consisted of the following:

	2019		2018
Finished products	$	647.3	$	577.8
Work in process	2,067.6		2,057.8
Raw materials and supplies	424.6		426.1
Total (approximates replacement cost)	3,139.5		3,061.7
Increase to LIFO cost	51.2		36.4
Inventories	$	3,190.7	$	3,098.1

Inventories valued under the LIFO method comprised $1.20 billion and $1.37 billion of total inventories at December 31, 2019 and 2018, respectively.