INVENTORIES (Tables)

6 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

LIFO Expense

The following table recaps the components of inventory for each period presented:

	June 30, 2020		December 31, 2019
Finished goods	$	258.7	$	308.7
Work in process	48.2		54.4
Raw materials and supplies	314.6		323.5
LIFO reserve	(47.4)		(49.9)
Total inventories, net	$	574.1	$	636.7

The following table contains the LIFO activity for each of the periods presented.

	Six Months Ended June 30,				Three Months Ended June 30,
	2020		2019		2020		2019
Balance, beginning of year	$	(49.9)	$	(82.2)	$	(47.9)	$	(82.2)
LIFO benefit	2.0		10.4		—		10.4
Allocated to divested businesses 1	.5		—		.5		—
Balance, end of period	$	(47.4)	$	(71.8)	$	(47.4)	$	(71.8)

¹ During the second quarter 2020 we divested a small operation with annual external sales of approximately $10.0. No significant gain or loss was realized on the sale of this operation.