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INVENTORIES
 12 Months Ended
Dec. 31, 2023
INVENTORIES [Abstract]  
INVENTORIES NOTE 3: INVENTORIES

Inventories at December 31 are as follows:

in millions

2023

2022

Inventories

Finished products 1

$          494.4 

$        439.3 

Raw materials

51.2 

63.4 

Products in process

6.5 

6.0 

Operating supplies and other

63.5 

70.6 

Total

$          615.6 

$        579.3 

1

Includes inventories encumbered by volumetric production payments (see Note 2), as follows: December 31, 2023 — $3.6 million; December 31, 2022 — $3.6 million.

In addition to the inventory balances presented above, as of December 31, 2023 and December 31, 2022, we had $12.5 million and $8.8 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 $356.9 million at December 31, 2023 and $295.1 million at December 31, 2022. During 2023, 2022 and 2021, 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 our results was as follows:

2023 — decrease cost of revenues by $3.6 million and increase net earnings by $2.7 million

2022 — decrease cost of revenues by $4.8 million and increase net earnings by $3.5 million

2021 — decrease cost of revenues by $0.6 million and increase net earnings by $0.4 million

Estimated current cost exceeded LIFO cost at December 31, 2023 and 2022 by $302.6 million and $264.7 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 $27.9 million in 2023, an increase of $48.1 million in 2022 and an increase of $5.3 million in 2021.