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Inventories | 12 Months Ended
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Dec. 31, 2019
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES Inventories were stated at the lower of cost or net realizable value, with cost primarily determined on the last-in, first-out (LIFO) method. Management believes that the use of LIFO results in a better matching of costs and revenues. The following table summarizes the extent to which the Company's Inventories use the LIFO cost method, and presents the effect on inventories had the Company used the first-in, first-out (FIFO) inventory valuation method.
| 2019 |  | 2018 |  | 2017
Percentage of total inventories on LIFO | 72 | % |  | 72 | % |  | 71 | %
Excess of FIFO over LIFO | $ | 339.8 |  |  | $ | 377.1 |  |  | $ | 288.2 |
The Company recorded a reserve for obsolescence of $115.4 million, $105.9 million and $103.7 million at December 31, 2019, 2018 and 2017, respectively, to reduce Inventories to their estimated net realizable value.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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