INVENTORIES (Tables)

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

LIFO Expense

The following table recaps the components of inventory for each period presented:

	September 30, 2020		December 31, 2019
Finished goods	$	265.4	$	308.7
Work in process	50.8		54.4
Raw materials and supplies	318.5		323.5
LIFO reserve	(49.4)		(49.9)
Total inventories, net	$	585.3	$	636.7

The following table contains the LIFO activity for each of the periods presented.

	Nine Months Ended September 30,				Three Months Ended September 30,
	2020		2019		2020		2019
Balance, beginning of year	$	(49.9)	$	(82.2)	$	(47.4)	$	(71.8)
LIFO (expense) benefit	—		18.0		(2.0)		7.6
Allocated to divested businesses 1	.5		—		—		—
Balance, end of period	$	(49.4)	$	(64.2)	$	(49.4)	$	(64.2)

1 During the second quarter 2020, we divested a small operation with annual external sales of approximately $10.0. No significant gain or loss was realized on the sale of this operation.