Inventories

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

Inventories

Inventories

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

	As of December 31,
	2019			2018
Finished goods	$	402.9		$	330.5
Work in process	6.0			10.0
Raw materials and parts	198.8			229.1
Total	607.7			569.6
Excess of current cost over last-in, first-out cost	(63.6		)	(59.8		)
Total inventories, net	$	544.1		$	509.8

The Company recorded a pre-tax gain of $0.2 million in 2019 and no pre-tax gains or losses in 2018 or 2017 from LIFO inventory liquidations. Reserves for obsolete and slow-moving inventories were $19.2 million and $16.5 million at December 31, 2019 and December 31, 2018, respectively.