INVENTORIES

Inventories as of December 31, consisted of the following:



(In millions)	2017			2016
Raw materials	$	72.6		$	62.9
Work in process	73.7			57.3
Finished goods	109.2			86.2
Gross inventories before LIFO reserves and valuation adjustments	255.5			206.4
LIFO reserves and valuation adjustments	(65.3		)	(66.8		)
Net inventories	$	190.2		$	139.6

Inventories accounted for under the LIFO method totaled $124.2 million and $119.1 million at December 31, 2017 and 2016, respectively. The current replacement costs of LIFO inventories exceeded their recorded values by $48.9 million at December 31, 2017 and $47.9 million at December 31, 2016.