Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories

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

	As of December 31,
	2020		2019
Finished goods	$	280.1	$	402.9
Work in process	6.5		6.0
Raw materials and parts	207.8		198.8
Total	494.4		607.7
Excess of current cost over last-in, first-out cost	(55.0)		(63.6)
Total inventories, net	$	439.4	$	544.1

The Company recorded a pre-tax gain of $0.7 million and $0.2 million in 2020 and 2019, respectively, and no pre-tax gains or losses in 2018 from LIFO inventory liquidations. Reserves for obsolete and slow-moving inventories were $24.6 million and $19.2 million at December 31, 2020 and December 31, 2019, respectively.