Inventories

9 Months Ended

Sep. 30, 2023

Inventory, Net [Abstract]

Inventories

Inventories

The major classes of inventory were as follows:

In millions	September 30, 2023		December 31, 2022
Raw materials	$	583.8	$	509.6
Work-in-process	408.1		333.8
Finished goods	1,356.6		1,280.3
	2,348.5		2,123.7
LIFO reserve	(156.7)		(129.9)
Total	$	2,191.8	$	1,993.8

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 net realizable value. Reserve balances, primarily related to obsolete and slow-moving inventories, were $138.7 million and $94.3 million at September 30, 2023 and December 31, 2022, respectively.