Inventories

9 Months Ended

Sep. 30, 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:

	September 30			December 31
	2020			2019
Finished products	$	627.6		$	584.6
Work in process and raw materials		685.5			754.9
		1,313.1			1,339.5
Less LIFO reserve		(188.6	)		(186.3	)
	$	1,124.5		$	1,153.2

Under the LIFO method of accounting (used for approximately 42% of September 30, 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.