Inventories

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories at June 30, 2022 and December 31, 2021 were as follows (in millions):

	June 30, 2022		December 31, 2021
Raw materials and supplies	$	235.8	$	160.3
Work-in-process	988.4		829.6
Finished goods	117.1		121.8
Total inventories at current cost	1,341.3		1,111.7
Inventory valuation reserves	(70.4)		(65.4)
Total inventories, net	$	1,270.9	$	1,046.3

Inventories are stated at the lower of cost (first-in, first-out (FIFO) and average cost methods) or net realizable value.