Inventories, Net

12 Months Ended

Dec. 31, 2015

The components of net inventories were as follows as of December 31, (in millions):



	2015		2014
Materials and supplies	$	117.3	$	117.9
Work in process	108.0		104.5
Finished products	496.5		486.1
	$	721.8	$	708.5

Inventory costs include direct materials, direct labor and manufacturing overhead, or when finished goods are sourced, the cost is the amount paid to the third party. Approximately 51.3% and 53.3% of gross inventory costs at December 31, 2015 and 2014, respectively, were determined by the LIFO method; for the balance, cost was determined using the FIFO method. As of December 31, 2015 and 2014, LIFO reserves were $23.6 million and $30.8 million, respectively. The pretax income from continuing operations recognized by the Company related to the liquidation of LIFO-based inventories in 2015, 2014 and 2013 was $1.5 million, $7.2 million and $6.5 million, respectively.