Inventories

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

Note 4: Inventories

Inventories, at stated LIFO value, were classified at December 31, 2021 and 2020 as follows:

	At December 31,
	2021		2020
	(In millions)
In process and finished products	$	832.1	$	604.5

If current cost had been used to value inventories, such inventories would have been $303 million higher and $63 million lower than reported at December 31, 2021 and 2020, respectively. Approximately 88% and 91% of inventories are accounted for under the LIFO method at December 31, 2021 and 2020, respectively. Non-LIFO inventories consist primarily of inventory at our foreign facilities using the moving average cost and the specific cost methods. Substantially all of our inventories consist of finished products.

The Company has consignment inventory at certain customer locations, which totaled $8.8 million and $4.8 million at December 31, 2021 and 2020, respectively.