Inventories:

The components of inventories are as follows (in millions):



	As of December 31,
	2017			2016
Finished goods	$	331.9		$	287.2
Work in process	5.5			5.1
Raw materials and parts	199.2			183.4
Total	536.6			475.7
Excess of current cost over last-in, first-out cost	(52.4		)	(57.2		)
Total inventories, net	$	484.2		$	418.5

The Company recorded no pre-tax loss in 2017, pre-tax loss of $0.2 million in 2016 and pre-tax loss of $0.2 million in 2015 from LIFO inventory liquidations. Reserve balances, primarily related to obsolete and slow-moving inventories, were $20.1 million and $19.7 million at December 31, 2017 and December 31, 2016, respectively.