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Inventories
3 Months Ended
Mar. 31, 2023
Inventory Disclosure [Abstract]  
Inventories

7. Inventories

We value our raw materials, work in process, and finished goods inventories using lower of cost, as determined by the average cost method, or net realizable value. Supplies and materials are valued at the first-in, first-out (FIFO) or average cost methods.

The components of inventories were as follows (dollars in millions):

 

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Raw materials

 

$

358.8

 

 

$

341.2

 

Work in process

 

 

15.8

 

 

 

16.0

 

Finished goods

 

 

201.1

 

 

 

198.4

 

Supplies and materials

 

 

427.7

 

 

 

421.7

 

Inventories

 

$

1,003.4

 

 

$

977.3