INVENTORIES

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 6. INVENTORIES

Inventories consisted of the following:

	June 30, 2023		December 31, 2022		June 30, 2022
	($ in millions)
Supplies	$	145.1	$	137.6	$	136.8
Raw materials	181.6		201.2		202.0
Work in process	202.5		199.6		192.7
Finished goods	725.8		559.3		580.2
Inventories excluding LIFO reserve	1,255.0		1,097.7		1,111.7
LIFO reserve	(173.8)		(155.8)		(166.0)
Inventories, net	$	1,081.2	$	941.9	$	945.7

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, 2023 reflect certain estimates relating to inventory quantities and costs at December 31, 2023. The replacement cost of our inventories would have been approximately $173.8 million, $155.8 million and $166.0 million higher than reported at June 30, 2023, December 31, 2022 and June 30, 2022, respectively.