Inventories

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories are valued at the lower of cost or net realizable value and consisted of the following:

	September 30, 2022		December 31, 2021
Inventories carried at LIFO:
Finished goods(a)	$	78.8	$	54.0
Raw materials and work-in-process	51.2		42.4
Excess of FIFO over LIFO cost(b)	(51.2)		(43.0)
Total LIFO inventories	$	78.8	$	53.4
Inventories carried at FIFO:
Finished goods(a)	$	62.8	$	53.8
Raw materials and work-in-process	58.0		53.4
Total FIFO inventories	$	120.8	$	107.2
Total inventories	$	199.6	$	160.6

(a)Finished goods include machines, parts and consumables and component parts that are used in our products.

(b)The difference between replacement cost and the stated LIFO inventory value is not materially different from the reserve for the LIFO valuation method.

We are currently operating in a more volatile inflationary environment and we experienced higher product cost inflation in most categories during 2022. Our LIFO charge for the three and nine months ended September 30, 2022 was $2.1 million and $8.1 million, respectively, compared to $3.7 million and $5.9 million in the three and nine months ended September 30, 2021, respectively. The increase in each period was attributable to the broad effects of inflation.