INVENTORIES

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 5. INVENTORIES

Inventories consisted of the following:

	March 31, 2023		December 31, 2022		March 31, 2022
	($ in millions)
Supplies	$	140.0	$	137.6	$	131.4
Raw materials	193.5		201.2		189.4
Work in process	211.4		199.6		175.2
Finished goods	721.8		559.3		557.3
Inventories excluding LIFO reserve	1,266.7		1,097.7		1,053.3
LIFO reserve	(176.8)		(155.8)		(144.1)
Inventories, net	$	1,089.9	$	941.9	$	909.2

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, 2023 reflect certain estimates relating to inventory quantities and costs at December 31, 2023. The replacement cost of our inventories would have been approximately $176.8 million, $155.8 million and $144.1 million higher than reported at March 31, 2023, December 31, 2022 and March 31, 2022, respectively.