Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
May 31, 2022
Inventory Disclosure [Abstract]  
Inventories are stated at the lower of cost (primarily computed in accordance with the first-in, first-out method) or net realizable value. Elements of cost include materials, labor, and overhead and consist of the following:
May 31,
February 28,
(in millions)
Raw materials and supplies $ 215.0  $ 185.3 
In-process inventories 820.9  804.8 
Finished case goods 620.5  583.1 
$ 1,656.4  $ 1,573.2 

We assess the valuation of our inventories and reduce the carrying value of those inventories that are obsolete or in excess of our forecasted usage to their estimated net realizable value based on analyses and assumptions including, but not limited to, historical usage, future demand, and market requirements. We evaluated the carrying value of certain inventories and recognized the following in cost of product sold within our consolidated results of operations:
For the Three Months
Ended May 31,
2022 2021
(in millions)
Loss on inventory write-down $ 6.1  $ 16.0