Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories

We use the last-in, first-out (LIFO) method for the majority of our inventories located in the continental U.S. Other inventories are valued by the first-in, first-out (FIFO) method. FIFO cost approximates current replacement cost. Inventories measured using LIFO must be valued at the lower of cost or market. Inventories measured using FIFO must be valued at the lower of cost or net realizable value.

Inventories at December 31 consisted of the following:

	2020		2019
Finished products	$	758.9	$	647.3
Work in process	2,535.4		2,067.6
Raw materials and supplies	651.2		424.6
Total (approximates replacement cost)	3,945.5		3,139.5
Increase to LIFO cost	34.8		51.2
Inventories	$	3,980.3	$	3,190.7

Inventories valued under the LIFO method comprised $1.21 billion and $1.20 billion of total inventories at December 31, 2020 and 2019, respectively.