Inventories

9 Months Ended

Sep. 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	September 30, 2020		December 31, 2019
Raw materials	$	318.1	$	333.5
Work-in-process	181.3		173.7
Finished goods	770.1		804.9
	1,269.5		1,312.1
LIFO reserve	(40.3)		(33.5)
Total	$	1,229.2	$	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 $80.0 million and $66.1 million at September 30, 2020 and December 31, 2019, respectively.