Inventories (Tables)

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Schedule of inventories

Inventories consisted of the following:

(in Millions)	September 30, 2022		December 31, 2021
Finished goods	$	586.4	$	559.2
Work in process	898.5		730.8
Raw materials, supplies and other	246.6		231.9
Net inventories	$	1,731.5	$	1,521.9

Effective July 1, 2022, we changed our accounting principle for inventory valuation for inventories located in the U.S. from a last-in, first-out ("LIFO") basis to a first-in, first-out ("FIFO") basis. See Note 1 to the Condensed Consolidated Financial Statements for additional information of the effect of the change.