Annual report pursuant to Section 13 and 15(d)

Inventories

v3.10.0.1
Inventories
12 Months Ended
Dec. 31, 2018
Inventory Disclosure [Abstract]  
Inventories
6. Inventories
Inventories were as follows:
 
As of December 31,
(in millions)
2018
 
2017
Raw materials and supplies
$
31.9

 
$
23.2

Work-in-process
72.9

 
73.5

Finished goods
113.4

 
111.4

Total inventories
$
218.2

 
$
208.1


We recorded adjustments for certain domestic, non-copper metal inventory during 2018, 2017 and 2016 resulting from the fluctuations in market value of these metals. These adjustments increased cost of sales by $2.9 million in 2018 and decreased cost of sales by $3.6 million and $1.7 million in 2017 and 2016, respectively.
During 2018, 2017 and 2016, we reduced the quantity of certain domestic metal inventory, resulting in a liquidation of LIFO inventory layers. These reductions increased cost of sales by $0.1 million, $1.0 million and $1.9 million in 2018, 2017 and 2016, respectively.
Below is a summary of inventories valued at period-end market values compared to the as reported values.
 
As of December 31,
(in millions)
2018
 
2017
Market value
$
296.5

 
$
329.1

As reported
218.2

 
208.1

Excess of market over reported value
$
78.3

 
$
121.0