Inventories |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories The components of inventories, net of reserves as of December 31, 2018 and 2017 were as follows:
Inventories are valued at the lower of cost or market, with approximately 74% valued by the LIFO method, and the remaining inventories, including manufacturing supplies inventory as well as international (outside the United States) inventories, valued by FIFO, average cost or specific identification methods. TimkenSteel recognized an increase in its LIFO reserve of $21.6 million and $12.5 million for the years ended December 31, 2018 and 2017, respectively. The increase in the LIFO reserve recognized during 2018 was due to higher scrap prices and inflation on certain consumables. The increase in the LIFO reserve recognized during 2017 was due to higher manufacturing costs and high scrap prices. |