Inventories

9 Months Ended

Sep. 30, 2021

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
	2021			2020
Finished products	$	687.5		$	610.0
Work in process and raw materials		2,027.4			801.9
		2,714.9			1,411.9
Less LIFO reserve		(198.2	)		(190.0	)
	$	2,516.7		$	1,221.9

Under the LIFO method of accounting (used for approximately 47% of September 30, 2021 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.