Inventories

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories as of December 31 consisted of the following:

	2022		2021
Inventories carried at LIFO:
Finished goods(a)	$	85.0	$	54.0
Raw materials and work-in-process	46.4		42.4
Excess of FIFO over LIFO cost(b)	(49.7)		(43.0)
Total LIFO inventories	$	81.7	$	53.4
Inventories carried at FIFO:
Finished goods(a)	$	68.9	$	53.8
Raw materials and work-in-process	56.0		53.4
Total FIFO inventories	$	124.9	$	107.2
Total inventories	$	206.6	$	160.6

(a)Finished goods include machines, parts and consumables and component parts that are used in our products.

(b)The difference between replacement cost and the stated LIFO inventory value is not materially different from the reserve for the LIFO valuation method.

Our LIFO charge for the twelve months ended December 31, 2022 was $6.7 million compared to $10.6 million for the twelve months ended December 31, 2021. The increase in each period was attributable to the broad effects of inflation.