INVENTORIES

3 Months Ended

Mar. 31, 2019

Inventories are stated at the lower of cost and net realizable value. The cost of inventories determined by the last-in, first-out (“LIFO”) method at March 31, 2019 and December 31, 2018 was $9.6 million and $9.0 million, respectively. The cost of remaining 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 March 31, 2019 and December 31, 2018 by $11.2 million and $10.2 million, respectively.

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


(in millions)	March 31, 2019		December 31, 2018

Finished goods	$	392.5	$	380.0
Work-in-process	88.5		89.2
Raw materials and supplies	137.2		129.7
Inventories, net	$	618.2	$	598.9

The inventory valuation allowance was $105.6 million and $92.5 million at March 31, 2019 and December 31, 2018, respectively.