Inventories

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories

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

	As of December 31,
	2022		2021
Finished goods	$	534.6	$	310.8
Work in process	8.9		12.4
Raw materials and parts	328.7		262.1
Total	872.2		585.3
Excess of current cost over last-in, first-out cost	(119.2)		(74.4)
Total inventories, net	$	753.0	$	510.9

The Company recorded a pre-tax gain of $0.7 million in 2020 from LIFO inventory liquidations. There were no pre-tax gains or losses in 2022 or 2021 from LIFO inventory liquidations. Reserves for obsolete and slow-moving inventories were $34.9 million and $26.5 million at December 31, 2022 and December 31, 2021, respectively.