INVENTORIES

9 Months Ended

Sep. 30, 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 September 30, 2020 and December 31, 2019 were $5.9 million and $5.0 million, respectively. The cost of remaining inventories were 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 September 30, 2020 and December 31, 2019 by $20.4 million and $14.3 million, respectively.

Inventories, net were as follows:


(in millions)	September 30, 2020		December 31, 2019

Finished goods	$	282.0	$	356.4
Work-in-process	75.0		82.5
Raw materials and supplies	132.1		122.8
Inventories, net	$	489.1	$	561.7

The inventory reserve was $125.6 million and $85.0 million at September 30, 2020 and December 31, 2019, respectively. The increase in the inventory reserve is primarily related to charges made under the current quarter restructuring plans and slow moving inventory as a result of lower customer demand, some of which was due to the COVID-19 pandemic.