INVENTORIES, NET

12 Months Ended

Dec. 31, 2017

Inventories are stated at the lower of cost and net realizable value. The cost of inventories determined by the last-in, first-out (“LIFO”) method at December 31, 2017, and December 31, 2016, were $12.4 million and $8.6 million, respectively. The cost of remaining inventories was determined by using the first-in, first-out (“FIFO”) or average cost methods. If the FIFO method had been used to determine the cost of LIFO inventories, the amount at which net inventories are stated would be higher than reported at December 31, 2017 and December 31, 2016 by $10.6 million and $6.8 million, respectively.

Inventories, net of inventory valuation reserve, consist of the following:



	December 31,
(in millions)	2017		2016

Finished goods	$	387.6	$	311.3
Work-in-process	90.4		77.1
Raw materials and supplies	145.1		128.7
Inventories, net	$	623.1	$	517.1

The Company’s inventory valuation reserve was $71.7 million and $37.5 million at December 31, 2017 and 2016, respectively.