INVENTORIES

Inventories are stated at the lower of cost or market. The cost of inventories determined by the last-in, first-out (“LIFO”) method at June 30, 2016 and December 31, 2015 were $7.6 million and $8.1 million, respectively. The cost of other inventories was determined by the first-in, first-out (“FIFO”) or average cost methods. If the FIFO method had been used to determine the cost of LIFO inventories, the amounts at which net inventories are stated would be higher than reported at June 30, 2016 and December 31, 2015 by $6.5 million and $6.6 million, respectively.

Inventories, net of inventory valuation reserves, consist of the following:



(in millions)	June 30, 2016		December 31, 2015

Finished goods	$	327.5	$	218.2
Work-in-process	76.4		52.3
Raw materials and supplies	119.2		69.9
Inventories, net	$	523.1	$	340.4

The inventory valuation reserves were $61.2 million and $36.3 million at June 30, 2016 and December 31, 2015, respectively.