INVENTORIES

12 Months Ended

Dec. 31, 2021

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

INVENTORIES

INVENTORIES

Inventories consisted of the following:

	December 31,
(In millions)	2021		2020
Raw materials	$	250.1	$	270.3
Work in process	178.7		242.7
Finished goods	603.1		739.8
Inventories, net	$	1,031.9	$	1,252.8

All amounts in the table above are reported net of obsolescence reserves of $116.6 million and $155.7 million as of December 31, 2021 and 2020, respectively.

Net inventories accounted for under the LIFO method totaled $350.1 million and $408.5 million as of December 31, 2021 and 2020, respectively. The current replacement costs of LIFO inventories exceeded their recorded values by $10.9 million and $11.6 million as of December 31, 2021 and 2020, respectively.