Inventories

12 Months Ended

Dec. 31, 2023

Inventory, Net [Abstract]

Inventories

INVENTORIES

At December 31, the major classes of inventory were as follows:

In millions	2023		2022
Raw materials	$	605.1	$	509.6
Work-in-process	385.1		333.8
Finished goods	1,332.3		1,280.3
	2,322.5		2,123.7
LIFO reserve	(170.4)		(129.9)
Total	$	2,152.1	$	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 NRV. Reserve balances, primarily related to obsolete and slow-moving inventories, were $143.5 million and $94.3 million at December 31, 2023 and December 31, 2022, respectively.