INVENTORIES

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 5. INVENTORIES

Inventories consisted of the following:

	March 31, 2021		December 31, 2020		March 31, 2020
	($ in millions)
Supplies	$	113.9	$	113.8	$	108.6
Raw materials	123.1		116.3		75.6
Work in process	134.3		133.2		106.4
Finished goods	366.2		359.6		419.5
Inventories excluding LIFO reserve	737.5		722.9		710.1
LIFO reserve	(58.0)		(48.2)		(42.6)
Inventories, net	$	679.5	$	674.7	$	667.5

Inventories are valued at the lower of cost and net realizable value. For U.S. inventories, inventory costs are determined principally by the last-in, first-out (LIFO) method of inventory accounting while for international inventories, inventory costs are determined principally by the first-in, first-out (FIFO) method of inventory accounting. Cost for other inventories has been determined principally by the average-cost method (primarily operating supplies, spare parts and maintenance parts). Elements of costs in inventories included raw materials, direct labor and manufacturing overhead. Inventories under the LIFO method are based on annual estimates of quantities and costs as of year-end; therefore, the condensed financial statements at March 31, 2021 reflect certain estimates relating to inventory quantities and costs at December 31, 2021. The replacement cost of our inventories would have been approximately $58.0 million, $48.2 million and $42.6 million higher than reported at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.