
	December 31, 2025			December 31, 2024
Finished goods	$	66.8		$	60.4
Goods in process		11.5			7.4
Raw materials and supplies		72.8			68.5
Less LIFO reserves		(26.5	)		(26.5	)
Total inventories, net	$	124.6		$	109.8

Approximately 62% and 60% of our total inventory in 2025 and 2024, respectively, were valued on a Last-in, first-out (“LIFO”) basis.

The distinction between the use of different methods of inventory valuation is primarily based on type of inventory, legal entities and/or geographical locations. The following table summarizes the amount of inventory that is not accounted for under the LIFO method.


	December 31, 2025		December 31, 2024
U.S. locations	$	43.9	$	41.8
Canada locations		3.5		2.6
Total	$	47.4	$	44.4

The U.S. locations that do not value inventory under the LIFO method generally use the weighted average cost method of inventory valuation. These amounts primarily represent certain finished goods sourced from third party suppliers and inventory from recently acquired entities within our Architectural Specialties segment, for which this method is appropriate based on the type of inventory.

Our Canadian locations use the FIFO method of inventory valuation, or other methods which closely approximate the FIFO method, primarily because the LIFO method is not permitted for local tax reporting purposes. In these situations, a conversion to LIFO would be highly complex and involve excessive cost and effort to achieve under local tax reporting requirements.