Inventories

12 Months Ended

Dec. 31, 2020

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

INVENTORIES

INVENTORIES

Inventories consisted of the following: 

	December 31,
(In millions)	2020		2019
Raw materials	$	272.4	$	347.5
Work in process	245.2		290.2
Finished goods	750.9		778.3
Inventories, net	$	1,268.5	$	1,416.0

All amounts in the table above are reported net of obsolescence reserves of $162.8 million and $135.7 million as of December 31, 2020 and 2019, respectively.

Net inventories accounted for under the LIFO method totaled $408.5 million and $386.6 million as of December 31, 2020 and 2019, respectively. The current replacement costs of LIFO inventories exceeded their recorded values by $11.6 million and $10.9 million as of December 31, 2020 and 2019, respectively. There was no reduction to the base LIFO inventory in 2020.