INVENTORIES	12 Months Ended
Dec. 31, 2021
INVENTORIES [Abstract]
INVENTORIES	NOTE 3: INVENTORIESInventories at December 31 are as follows: in millions2021 2020 Inventories Finished products 1$ 418.0 $ 378.4 Raw materials 59.9 33.8 Products in process 4.2 4.5 Operating supplies and other 39.2 31.9 Total$ 521.3 $ 448.6 1Includes inventories encumbered by volumetric production payments (see Note 2), as follows: December 31, 2021 — $2.8 million and December 31, 2020 — $2.4 million. In addition to the inventory balances presented above, as of December 31, 2021 and December 31, 2020, we have $8.5 million and $11.0 million, respectively, of inventory classified as long-term assets (other noncurrent assets) as we do not expect to sell the inventory within one year of their respective balance sheet dates.We use the LIFO method of valuation for most of our inventories as it results in a better matching of costs with revenues. Inventories valued under the LIFO method total $290.2 million at December 31, 2021 and $307.7 million at December 31, 2020. During 2021, 2020 and 2019, inventory reductions resulted in liquidations of LIFO inventory layers carried at costs prevailing in prior years as compared to current-year costs. The effect of the LIFO liquidation on 2021 results was to decrease cost of revenues by $0.6 million and increase net earnings by $0.4 million. The effect of the LIFO liquidation on 2020 results was to decrease cost of revenues by $0.9 million and increase net earnings by $0.6 million. The effect of the LIFO liquidation on 2019 results was to decrease cost of revenues by $1.1 million and increase net earnings by $0.9 million.Estimated current cost exceeded LIFO cost at December 31, 2021 and 2020 by $199.7 million and $193.0 million, respectively. In periods of increasing costs, LIFO generally results in higher cost of revenues than under FIFO. In periods of decreasing costs, the results are generally the opposite. We provide supplemental income disclosures to facilitate comparisons with companies not on LIFO. The supplemental income calculation is derived by tax-affecting the change in the LIFO reserve for the periods presented. If all inventories valued at LIFO cost had been valued under first-in, first-out (FIFO) method, the approximate effect on net earnings would have been an increase of $5.3 million in 2021, an increase of $7.3 million in 2020 and an increase of $5.5 million in 2019.

INVENTORIES

12 Months Ended

Dec. 31, 2021

NOTE 3: INVENTORIESInventories at December 31 are as follows: in millions2021 2020 Inventories Finished products 1$ 418.0 $ 378.4 Raw materials 59.9 33.8 Products in process 4.2 4.5 Operating supplies and other 39.2 31.9 Total$ 521.3 $ 448.6 1Includes inventories encumbered by volumetric production payments (see Note 2), as follows: December 31, 2021 — $2.8 million and December 31, 2020 — $2.4 million. In addition to the inventory balances presented above, as of December 31, 2021 and December 31, 2020, we have $8.5 million and $11.0 million, respectively, of inventory classified as long-term assets (other noncurrent assets) as we do not expect to sell the inventory within one year of their respective balance sheet dates.We use the LIFO method of valuation for most of our inventories as it results in a better matching of costs with revenues. Inventories valued under the LIFO method total $290.2 million at December 31, 2021 and $307.7 million at December 31, 2020. During 2021, 2020 and 2019, inventory reductions resulted in liquidations of LIFO inventory layers carried at costs prevailing in prior years as compared to current-year costs. The effect of the LIFO liquidation on 2021 results was to decrease cost of revenues by $0.6 million and increase net earnings by $0.4 million. The effect of the LIFO liquidation on 2020 results was to decrease cost of revenues by $0.9 million and increase net earnings by $0.6 million. The effect of the LIFO liquidation on 2019 results was to decrease cost of revenues by $1.1 million and increase net earnings by $0.9 million.Estimated current cost exceeded LIFO cost at December 31, 2021 and 2020 by $199.7 million and $193.0 million, respectively. In periods of increasing costs, LIFO generally results in higher cost of revenues than under FIFO. In periods of decreasing costs, the results are generally the opposite. We provide supplemental income disclosures to facilitate comparisons with companies not on LIFO. The supplemental income calculation is derived by tax-affecting the change in the LIFO reserve for the periods presented. If all inventories valued at LIFO cost had been valued under first-in, first-out (FIFO) method, the approximate effect on net earnings would have been an increase of $5.3 million in 2021, an increase of $7.3 million in 2020 and an increase of $5.5 million in 2019.