Inventories

3 Months Ended

Mar. 31, 2020

Inventory, Net [Abstract]

Inventories

Inventories

Depending on the business, U.S. inventories are stated at the lower of cost or market using the last-in, first-out (LIFO) method or the lower of cost or market using the first-in, first-out (FIFO) method. Non-U.S. inventories are primarily stated at the lower of cost or market using the FIFO method.

The major classes of inventory were as follows:

In millions	March 31, 2020			December 31, 2019
Raw materials	$	348.8		$	333.5
Work-in-process	173.8			173.7
Finished goods	973.4			804.9
	1,496.0			1,312.1
LIFO reserve	(32.3		)	(33.5		)
Total	$	1,463.7		$	1,278.6

The Company performs periodic assessments to determine the existence of obsolete, slow-moving and non-saleable inventories and records necessary provisions to reduce such inventories to net realizable value. Reserve balances, primarily related to obsolete and slow-moving inventories, were $67.6 million and $66.1 million at March 31, 2020 and December 31, 2019, respectively.