Inventories

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories

Note 7 - Inventories

The components of inventories at December 31, 2022 and 2021 were as follows:

	2022		2021
Manufacturing supplies	$	41.7	$	38.0
Raw materials	132.0		121.8
Work in process	491.2		418.4
Finished products	584.8		527.8
Subtotal	$	1,249.7	$	1,106.0
Allowance for surplus and obsolete inventory	(58.4)		(63.3)
Total Inventories, net	$	1,191.3	$	1,042.7

Inventories at December 31, 2022 valued on the FIFO cost method were 58% and the remaining 42% were valued by the LIFO method. If all inventories had been valued at FIFO, inventories would have been $235.4 million and $199.4 million greater at December 31, 2022 and 2021, respectively. The Company recognized an increase in its LIFO reserve of $36.0 million during 2022, compared to an increase in its LIFO reserve of $27.3 million during 2021. The increase in inventories from 2021 was primarily due to higher demand levels