Inventories

12 Months Ended

Dec. 31, 2019

Inventory, Finished Goods and Work in Process, Gross [Abstract]

INVENTORIES

INVENTORIES

Inventories consisted of the following: 

	December 31,
(In millions)	2019		2018
Raw materials	$	347.5	$	366.4
Work in process	290.2		146.4
Finished goods	778.3		738.4
Inventory, net	$	1,416.0	$	1,251.2

All amounts in the table above are reported net of obsolescence reserves of $135.7 million and $97.5 million at December 31, 2019 and 2018, respectively.

Net inventories accounted for under the LIFO method totaled $386.6 million and $387.2 million at December 31, 2019 and 2018, respectively. The current replacement costs of LIFO inventories exceeded their recorded values by $10.9 million and $7.9 million at December 31, 2019 and 2018, respectively. There was no reduction to the base LIFO inventory in 2019.