Inventories, net - Schedule of Inventories, Net (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory, Net, Items Net of Reserve Alternative [Abstract]
Raw material	$ 390.2	$ 394.1
Work-in-process	208.1	189.2
Finished goods	405.9	412.1
Subtotal	1,004.2	995.4
Excess of FIFO over LIFO cost basis	(161.8)	(162.5)
TOTAL	$ 842.4	$ 832.9

The amount of FIFO (first in first out) inventory present at the reporting date when inventory is also valued using different valuation methods.

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Carrying amount, net of valuation reserves and adjustments, as of the balance sheet date of merchandise or goods held by the company that are readily available for sale.

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Amount by which inventory stated at last-in first-out (LIFO) is less than (in excess of) inventory stated at other inventory cost methods.

+ References

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Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.

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- Definition

Carrying amount, net of valuation reserves and adjustments, as of the balance sheet date of unprocessed items to be consumed in the manufacturing or production process.

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Carrying amount, net of reserves and adjustments, as of the balance sheet date of merchandise or goods which are partially completed. This inventory is generally comprised of raw materials, labor and factory overhead costs, which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing.

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