Inventories

12 Months Ended

Dec. 31, 2021

Note 7 - Inventories

The components of inventories at December 31, 2021 and 2020 were as follows:


	2021		2020
Manufacturing supplies	$	38.0	$	34.8
Raw materials	121.8		99.5
Work in process	418.4		320.3
Finished products	527.8		441.2
Subtotal	$	1,106.0	$	895.8
Allowance for surplus and obsolete inventory	(63.3)		(54.5)
Total Inventories, net	$	1,042.7	$	841.3

Inventories at December 31, 2021 valued on the FIFO cost method were 59% and the remaining 41% were valued by the LIFO method. If all inventories had been valued at FIFO, inventories would have been $199.4 million and $172.1 million greater at December 31, 2021 and 2020, respectively. The Company recognized an increase in its LIFO reserve of $27.3 million during 2021, compared to an increase in its LIFO reserve of $3.2 million during 2020. The increase in inventories from 2020 was primarily due to higher demand levels and longer supply chain lead times.