Inventories

3 Months Ended

Mar. 31, 2026

Inventories

Inventories are summarized as follows:


	MARCH 31, 2026		DECEMBER 31, 2025
Finished goods and service parts	$	373.4	$	358.8
Work in process	29.5		31.1
Raw materials	353.9		375.0
Total manufactured inventories	756.8		764.9
LIFO reserve	(113.0)		(130.6)
Total inventory	$	643.8	$	634.3

Inventories are stated at the lower of cost or market for last-in, first-out (“LIFO”) inventory or lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. At March 31, 2026 and December 31, 2025, 49% and 50%, respectively, of total inventories were determined using the LIFO method, which consists primarily of manufactured inventories, including service parts, for the lift truck business in the United States. The FIFO method is used with respect to all other inventories. An actual valuation of inventory under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management's estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation.