Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

Note 7 - Inventories

The components of inventories at December 31, 2020 and 2019 were as follows:

	2020		2019
Manufacturing supplies	$	34.8	$	34.2
Raw materials	99.5		100.0
Work in process	320.3		308.9
Finished products	441.2		439.0
Subtotal	$	895.8	$	882.1
Allowance for surplus and obsolete inventory	(54.5)		(40.1)
Total Inventories, net	$	841.3	$	842.0

Inventories at December 31, 2020 valued on the FIFO cost method were 61% and the remaining 39% were valued by the LIFO method. If all inventories had been valued at FIFO, inventories would have been $172.1 million and $168.9 million greater at December 31, 2020 and 2019, respectively. The Company recognized an increase in its LIFO reserve of $3.2 million during 2020, compared to a decrease in its LIFO reserve of $5.0 million during 2019. Inventory and the allowance for surplus and obsolete inventory increased from 2019 primarily as a result of recent acquisitions.