Note 4: Inventories

Inventories by major classification as of 2015 and 2014 year end are as follows:


(Amounts in millions)	2015		2014
Finished goods	$	437.9	$	415.3
Work in progress		42.9		45.3
Raw materials		90.3		87.5

Total FIFO value		571.1		548.1
Excess of current cost over LIFO cost		(73.3)		(72.6)

Total inventories – net	$	497.8	$	475.5

Inventories accounted for using the FIFO method as of 2015 and 2014 year end approximated 57% and 58%, respectively, of total inventories. The company accounts for its non-U.S. inventory on the FIFO method. As of 2015 year end, approximately 31% of the company’s U.S. inventory was accounted for using the FIFO method and 69% was accounted for using the LIFO method. There were no LIFO inventory liquidations in 2015, 2014 or 2013.