INVENTORIES

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 5. INVENTORIES

Inventories consisted of the following:

	September 30, 2022		December 31, 2021		September 30, 2021
	($ in millions)
Supplies	$	137.2	$	115.6	$	115.5
Raw materials	203.4		180.7		158.5
Work in process	189.6		155.2		156.3
Finished goods	569.2		523.3		492.2
Inventories excluding LIFO reserve	1,099.4		974.8		922.5
LIFO reserve	(154.3)		(106.5)		(95.7)
Inventories, net	$	945.1	$	868.3	$	826.8

Inventories under the LIFO method are based on annual estimates of quantities and costs as of year-end; therefore, the condensed financial statements at September 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 $154.3 million, $106.5 million and $95.7 million higher than reported at September 30, 2022, December 31, 2021 and September 30, 2021, respectively.