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INVENTORIES | 6 Months Ended
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Jun. 30, 2020
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES 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 June 30, 2020 and December 31, 2019 were $7.9 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 June 30, 2020 and December 31, 2019 by $15.9 million and $14.3 million, respectively. Inventories, net of inventory valuation reserves, were as follows:
(in millions) |  | June 30, 2020 |  | December 31, 2019
Finished goods |  | $ | 322.3 |  |  | $ | 356.4 |
Work-in-process |  | 78.8 |  |  | 82.5 |
Raw materials and supplies |  | 147.8 |  |  | 122.8 |
Inventories, net |  | $ | 548.9 |  |  | $ | 561.7 |
The inventory valuation reserve was $102.0 million and $85.0 million at June 30, 2020 and December 31, 2019, respectively. The increase in the inventory valuation reserve is primarily related to charges for slow moving inventory as a result of lower customer demand, some of which is due to the COVID-19 pandemic.

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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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