Inventories

9 Months Ended

Sep. 30, 2019

Inventory Disclosure [Abstract]

Inventories

NOTE D - Inventories

Inventories are stated at the lower of cost or market. Cost of inventories in the U.S. is determined principally by the last‑in, first-out (LIFO) method. Cost of all other inventories is determined principally by the first-in, first-out (FIFO) method.

Inventories include the following:

	September 30			December 31
	2019			2018
Finished products	$	629.7		$	563.2
Work in process and raw materials		848.7			803.3
		1,478.4			1,366.5
Less LIFO reserve		(185.8	)		(181.8	)
	$	1,292.6		$	1,184.7

Under the LIFO method of accounting (used for approximately 48% of September 30, 2019 inventories), an actual valuation can be made only at the end of each year based on year-end inventory levels and costs. Accordingly, interim valuations are based on management’s estimates of those year-end amounts.