
(Amounts in millions)	2025		2024
Finished goods	$	902.7	$	840.1
Work in progress	75.5		72.5
Raw materials	173.7		153.2
Total FIFO value	1,151.9		1,065.8
Excess of current cost over LIFO cost	(126.7)		(122.4)
Total inventories – net	$	1,025.2	$	943.4

Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 62% and 57% of total inventories as of 2025 and 2024 year end, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of 2025 year end, approximately 40% of the company’s U.S. inventory was accounted for using the FIFO method and 60% was accounted for using the last-in, first-out (“LIFO”) method. The liquidation of LIFO inventory did not have a significant impact on our results of operations in any period presented.