Note 4: Inventories

Inventories by major classification are as follows:


(Amounts in millions)	September 30, 2017		December 31, 2016
Finished goods	$	556.6	$	467.4
Work in progress		49.5		42.7
Raw materials		118.2		93.6

Total FIFO value		724.3		603.7
Excess of current cost over LIFO cost		(74.4)		(73.2)

Total inventories – net	$	649.9	$	530.5

Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 60% and 59% of total inventories as of September 30, 2017, and December 31, 2016, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of September 30, 2017, approximately 32% of the company’s U.S. inventory was accounted for using the FIFO method and 68% was accounted for using the last-in, first-out (“LIFO”) method. There were no LIFO inventory liquidations in the three and nine months ended September 30, 2017, or October 1, 2016.