INVENTORIES

6 Months Ended

Jun. 30, 2020

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 June 30, 2020 and December 31, 2019 were $7.9 million and $5.0 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 June 30, 2020 and December 31, 2019 by $15.9 million and $14.3 million, respectively.

Inventories, net of inventory valuation reserves, were as follows:


(in millions)	June 30, 2020		December 31, 2019

Finished goods	$	322.3	$	356.4
Work-in-process	78.8		82.5
Raw materials and supplies	147.8		122.8
Inventories, net	$	548.9	$	561.7

The inventory valuation reserve was $102.0 million and $85.0 million at June 30, 2020 and December 31, 2019, respectively. The increase in the inventory valuation reserve is primarily related to charges for slow moving inventory as a result of lower customer demand, some of which is due to the COVID-19 pandemic.