INVENTORIES

Inventories as of December 31, consisted of the following:



(In millions)	2015			2014
Raw materials	$	55.0		$	53.7
Work in process	36.8			45.3
Finished goods	81.8			79.2
Gross inventories before LIFO reserves and valuation adjustments	173.6			178.2
LIFO reserves and valuation adjustments	(68.7		)	(66.4		)
Net inventories	$	104.9		$	111.8

Inventories accounted for under the LIFO method totaled $105.2 million and $106.5 million at December 31, 2015 and 2014, respectively. The current replacement costs of LIFO inventories exceeded their recorded values by $47.5 million at December 31, 2015 and $48.1 million at December 31, 2014.