INVENTORIES

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019 were $9.4 million and $5.0 million, respectively. The cost of remaining inventories was determined by 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 amounts at which net inventories are stated would be higher than reported at March 31, 2020 and December 31, 2019 by $18.3 million and $14.3 million, respectively.

Inventories, net of inventory valuation reserves, were as follows:


(in millions)	March 31, 2020		December 31, 2019

Finished goods	$	368.4	$	356.4
Work-in-process	80.3		82.5
Raw materials and supplies	141.8		122.8
Inventories, net	$	590.5	$	561.7

The inventory valuation reserve was $86.2 million and $85.0 million at March 31, 2020 and December 31, 2019, respectively.