Inventories

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories

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

	As of December 31,
	2021		2020
Finished goods	$	310.8	$	280.1
Work in process	12.4		6.5
Raw materials and parts	262.1		207.8
Total	585.3		494.4
Excess of current cost over last-in, first-out cost	(74.4)		(55.0)
Total inventories, net	$	510.9	$	439.4

The Company recorded a pre-tax gain of $0.7 million and $0.2 million in 2020 and 2019, respectively, from LIFO inventory liquidations. There were no pre-tax gains or losses in 2021 from LIFO inventory liquidations. Reserves for obsolete and slow-moving inventories were $26.5 million and $24.6 million at December 31, 2021 and December 31, 2020, respectively.