Inventories:

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



	As of December 31,
	2018			2017
Finished goods	$	330.5		$	331.9
Work in process	10.0			5.5
Raw materials and parts	229.1			199.2
Total	569.6			536.6
Excess of current cost over last-in, first-out cost	(59.8		)	(52.4		)
Total inventories, net	$	509.8		$	484.2

The Company recorded no pre-tax loss in 2018 or in 2017 and pre-tax loss of $0.2 million in 2016 from LIFO inventory liquidations. Reserve balances, primarily related to obsolete and slow-moving inventories, were $16.5 million and $20.1 million at December 31, 2018 and December 31, 2017, respectively.