Inventories:

The components of inventories are as follows (in millions):



	As of December 31,
	2016			2015
Finished goods	$	287.2		$	300.0
Work in process	5.1			4.2
Raw materials and parts	183.4			178.3
Total	475.7			482.5
Excess of current cost over last-in, first-out cost	(57.2		)	(63.7		)
Total inventories, net	$	418.5		$	418.8

The Company recorded pre-tax loss of $0.2 million in 2016, pre-tax loss of $0.2 million in 2015 and pre-tax loss of $0.9 million in 2014 from LIFO inventory liquidations. Reserve balances, primarily related to obsolete and slow-moving inventories, were$19.7 million and $21.5 million at December 31, 2016 and December 31, 2015, respectively.