Inventories are valued at the lower of cost or net realizable value and consisted of the following:


	June 30, 2025		December 31, 2024
Inventories carried at LIFO:
Finished goods(a)	$	77.9	$	85.4
Raw materials and work-in-process	36.3		38.4
Excess of FIFO over LIFO cost(b)	(49.4)		(50.4)
Total LIFO inventories	$	64.8	$	73.4

Inventories carried at FIFO:
Finished goods(a)	$	64.8	$	53.2
Raw materials and work-in-process	65.8		57.2
Total FIFO inventories	$	130.6	$	110.4
Total inventories	$	195.4	$	183.8

(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.