Inventories

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories

	March 31, 2022		December 31, 2021
	(in millions)
Finished products	$	57.8	$	56.8
Work in process	37.8		41.8
Raw materials and supplies	74.0		66.2
	169.6		164.8
Reserve to reduce certain inventories to LIFO basis	(5.6)		(4.8)
Total inventories	$	164.0	$	160.0

We use the last-in, first-out (“LIFO”) method of valuing certain of our inventories. An actual valuation of 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 are based on management’s estimates of expected year-end inventory levels and costs, which are subject to change until the final year-end LIFO inventory valuation.