Inventories (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories at December 31, 2021 and 2020 were as follows (in millions):

	2021		2020*
Raw materials and supplies	$	160.3	$	207.6
Work-in-process	829.6		690.7
Finished goods	121.8		181.6
Total inventories at current cost	1,111.7		1,079.9
Inventory valuation reserves	(65.4)		(82.8)
Total inventories, net	$	1,046.3	$	997.1

* Previously, the Company utilized the LIFO method to account for a substantial portion of its inventory. As described in Note 1, in the fourth quarter of 2021 the Company elected to change the method of accounting for the inventory under the LIFO method to the current cost method. The effects of this change in accounting principle have been retrospectively applied to all periods presented.