INVENTORIES

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

Included in Inventories were the following:

	June 30,		December 31,		June 30,
	2022		2021		2021
Finished goods	$	1,812.1	$	1,378.8	$	1,282.8
Work in process and raw materials	599.5		548.4		521.3
Inventories	$	2,411.6	$	1,927.2	$	1,804.1

The Company primarily uses the last-in, first-out (LIFO) method of valuing inventory. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs are subject to the final year-end LIFO inventory valuation. In addition, interim inventory levels include management’s estimates of annual inventory losses due to shrinkage and other factors. For further information on the Company’s inventory valuation, see Note 4 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.