Inventories

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

Inventories

NOTE D - Inventories

Inventories are stated at the lower of cost or market. Cost of inventories in the U.S. is determined principally by the last‑in, first-out (LIFO) method. Cost of all other inventories is determined principally by the first-in, first-out (FIFO) method.

Inventories include the following:

	March 31			December 31
	2020			2019
Finished products	$	665.9		$	584.6
Work in process and raw materials		790.9			754.9
		1,456.8			1,339.5
Less LIFO reserve		(186.7	)		(186.3	)
	$	1,270.1		$	1,153.2

Under the LIFO method of accounting (used for approximately 47% of March 31, 2020 inventories), an actual valuation can be made only at the end of each year based on year-end inventory levels and costs. Accordingly, interim valuations are based on management’s estimates of those year-end amounts.