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Inventories | 12 Months Ended
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Dec. 31, 2020
Inventory Disclosure [Abstract] |
Inventories | Inventories The components of inventories are as follows (in millions):
| As of December 31,
| 2020 |  | 2019
Finished goods | $ | 280.1 |  |  | $ | 402.9 |
Work in process | 6.5 |  |  | 6.0 |
Raw materials and parts | 207.8 |  |  | 198.8 |
Total | 494.4 |  |  | 607.7 |
Excess of current cost over last-in, first-out cost | (55.0) |  |  | (63.6) |
Total inventories, net | $ | 439.4 |  |  | $ | 544.1 |
The Company recorded a pre-tax gain of $0.7 million and $0.2 million in 2020 and 2019, respectively, and no pre-tax gains or losses in 2018 from LIFO inventory liquidations. Reserves for obsolete and slow-moving inventories were $24.6 million and $19.2 million at December 31, 2020 and December 31, 2019, respectively.

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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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