INVENTORIES

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 5. INVENTORIES

Inventories consisted of the following:

	June 30, 2022		December 31, 2021		June 30, 2021
	($ in millions)
Supplies	$	136.8	$	115.6	$	115.0
Raw materials	202.0		180.7		145.1
Work in process	192.7		155.2		145.1
Finished goods	580.2		523.3		420.9
Inventories excluding LIFO reserve	1,111.7		974.8		826.1
LIFO reserve	(166.0)		(106.5)		(89.6)
Inventories, net	$	945.7	$	868.3	$	736.5

Inventories under the LIFO method are based on annual estimates of quantities and costs as of year-end; therefore, the condensed financial statements at June 30, 2022 reflect certain estimates relating to inventory quantities and costs at December 31, 2022. The replacement cost of our inventories would have been approximately $166.0 million, $106.5 million and $89.6 million higher than reported at June 30, 2022, December 31, 2021 and June 30, 2021, respectively.