Inventories

6 Months Ended

Jun. 30, 2018

Inventory Disclosure [Abstract]

Inventories

Note 4 - Inventories

The components of inventories at June 30, 2018 and December 31, 2017 were as follows:

	June 30, 2018			December 31, 2017
Manufacturing supplies	$	30.4		$	29.0
Raw materials	98.7			90.4
Work in process	264.9			245.2
Finished products	418.4			404.3
Subtotal	812.4			768.9
Allowance for obsolete and surplus inventory	(35.0		)	(30.0		)
Total Inventories, net	$	777.4		$	738.9

Inventories are valued at the lower of cost or market, with approximately 54% valued by the first-in, first-out ("FIFO") method and the remaining 46% valued by the last-in, first-out ("LIFO") method. The majority of the Company's domestic inventories are valued by the LIFO method and all of the Company's international inventories are valued by the FIFO method.

The LIFO reserves at June 30, 2018 and December 31, 2017 were $165.0 million and $167.6 million, respectively. An actual valuation of the 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 must be based on management’s estimates of expected year-end inventory levels and costs. Because these calculations are subject to many factors beyond management’s control, annual results may differ from interim results as they are subject to the final year-end LIFO inventory valuation.