Inventories

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

Inventories

6.

Inventories

Inventories are valued at the lower of cost or net realizable value. Inventories at March 31, 2020 and December 31, 2019 consisted of the following:

	March 31, 2020			December 31, 2019
Inventories carried at LIFO:
Finished goods	$	51.3		$	50.9
Raw materials, production parts and work-in-process	31.2			32.5
Excess of FIFO over LIFO cost(a)	(32.0		)	(33.4		)
Total LIFO inventories	50.5			50.0
Inventories carried at FIFO:
Finished goods	60.4			60.1
Raw materials, production parts and work-in-process	44.3			40.0
Total FIFO inventories	104.7			100.1
Total inventories	$	155.2		$	150.1

^(a)  

Inventories of $50.5 million as of March 31, 2020, and $50.0 million as of December 31, 2019, were valued at LIFO. The difference between replacement cost and the stated LIFO inventory value is not materially different from the reserve for the LIFO valuation method.