Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Note 7 - Inventories

The components of inventories at December 31, 2023 and 2022 were as follows:

	2023		2022
Manufacturing supplies	$	41.9	$	41.7
Raw materials	145.6		132.0
Work in process	496.1		491.2
Finished products	619.2		584.8
Subtotal	$	1,302.8	$	1,249.7
Allowance for surplus and obsolete inventory	(73.7)		(58.4)
Total Inventories, net	$	1,229.1	$	1,191.3

Inventories at December 31, 2023 valued on the FIFO cost method were 62% and the remaining 38% were valued by the LIFO method. If all inventories had been valued at FIFO, inventories would have been $232.1 million and $235.4 million greater at December 31, 2023 and 2022, respectively. The Company recognized a decrease in its LIFO reserve of $3.3 million during 2023, compared to an increase in its LIFO reserve of $36.0 million during 2022.