Inventories

3 Months Ended

Mar. 31, 2022

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 and net realizable value (NRV) using the first-in, first-out (FIFO) method. Non-U.S. inventories are primarily stated at the lower of cost and NRV using the FIFO method.

The major classes of inventory were as follows:

In millions	March 31, 2022		December 31, 2021
Raw materials	$	496.3	$	404.6
Work-in-process	270.7		215.9
Finished goods	1,188.7		982.9
	1,955.7		1,603.4
LIFO reserve	(83.4)		(72.6)
Total	$	1,872.3	$	1,530.8

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 the lower of cost and NRV. Reserve balances, primarily related to obsolete and slow-moving inventories, were $80.6 million and $79.0 million at March 31, 2022 and December 31, 2021, respectively.