INVENTORIES

12 Months Ended

Dec. 31, 2023

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

INVENTORIES

INVENTORIES

Inventories consisted of the following:

	December 31,
(In millions)	2023		2022
Raw materials	$	401.3	$	317.4
Work in process	148.2		152.0
Finished goods	550.8		570.3
Inventories, net	$	1,100.3	$	1,039.7

All amounts in the table above are reported net of obsolescence reserves of $99.7 million and $108.2 million as of December 31, 2023 and 2022, respectively.

Net inventories accounted for under the LIFO method totaled $292.0 million and $391.7 million as of December 31, 2023 and 2022, respectively. The current replacement costs of LIFO inventories exceeded their recorded values by $17.8 million and $16.6 million as of December 31, 2023 and 2022, respectively.