Annual report pursuant to Section 13 and 15(d)

Inventories

v3.20.1
Inventories
12 Months Ended
Dec. 31, 2019
Inventory Disclosure [Abstract]  
Inventories INVENTORIES
The following table presents details related to our inventories, net:
 
December 31, 2019

December 31, 2018
Finished goods
$
87.1

 
$
110.5

Goods in process
4.5

 
5.7

Raw materials and supplies
20.0

 
23.3

Total
$
111.6

 
$
139.5

 
 
 
 
Inventories valued on a LIFO basis
$
84.6

 
$
113.3

Inventories valued on FIFO or other basis
$
27.0

 
$
26.2


The distinction between the use of different methods of inventory valuation is primarily based on geographic location. We value our inventories on a LIFO basis only in the United States.

Inventory values were lower than would have been reported on a total FIFO basis by $4.7 million and $3.0 million as of December 31, 2019 and 2018, respectively.

On September 11, 2019, Michel S. Vermette was appointed Chief Executive Officer of the Company and initiated the implementation of a new multi-year product strategy and inventory optimization plan, which includes focusing on critical products and standardizing procedures to enable better decision making. As a result, we recorded a non-cash inventory write down of $13.6 million during the third quarter of 2019, primarily related to the write down of inventory in certain product categories to estimated liquidation value.