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INVENTORIES
3 Months Ended
Mar. 31, 2020
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
The following table recaps the components of inventory for each period presented:
March 31,
2020
December 31,
2019
Finished goods$316.6  $308.7  
Work in process52.0  54.4  
Raw materials and supplies334.8  323.5  
LIFO reserve(47.9) (49.9) 
Total inventories, net$655.5  $636.7  

All inventories are stated at the lower of cost or net realizable value. We generally use standard costs which include materials, labor and production overhead at normal production capacity. The last-in, first-out (LIFO) method is primarily used to value our domestic steel-related inventories. LIFO represents approximately 40% of our inventories. For the remainder of the inventories, we principally use the first-in, first-out (FIFO) method, which is representative of our standard costs. For these inventories, the FIFO cost for the periods presented approximated expected replacement cost.
Inventories are reviewed at least quarterly for slow-moving and potentially obsolete items using actual inventory turnover and, if necessary, are written down to estimated net realizable value. Restructuring activity and decisions to narrow product offerings (as discussed in Note 5) also impact the estimated net realizable value of inventories. We have had no material changes in inventory writedowns or slow-moving and obsolete inventory reserves in any of the years presented.
The following table contains the LIFO benefit for each of the periods presented.
 
 Three Months Ended March 31,
 20202019
LIFO benefit$2.0  $—