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INVENTORIES | 9 Months Ended
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Sep. 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 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.

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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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