Inventories

6 Months Ended

Jun. 30, 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	June 30, 2020			December 31, 2019
Raw materials	$	363.4		$	333.5
Work-in-process	176.9			173.7
Finished goods	848.0			804.9
	1,388.3			1,312.1
LIFO reserve	(35.3		)	(33.5		)
Total	$	1,353.0		$	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 $74.7 million and $66.1 million at June 30, 2020 and December 31, 2019, respectively.