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Inventories, Net | 12 Months Ended
--- | ---
Dec. 31, 2013
Inventories, Net |
Inventories, Net | (7) Inventories, Net Inventories at December 31, 2013 and 2012 comprise the following:
|  | December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |
Finished goods |  | $ | 147.5 |  | $ | 127.7 |
Work in process |  |  | 165.0 |  |  | 161.7 |
Raw materials and purchased parts |  |  | 210.6 |  |  | 253.2 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total FIFO cost |  |  | 523.1 |  |  | 542.6 |
Excess of FIFO cost over LIFO inventory value |  |  | (20.9 | ) |  | (19.7 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total inventories |  | $ | 502.2 |  | $ | 522.9 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Inventories include material, labor and factory overhead costs and are reduced, when necessary, to estimated net realizable values. Certain domestic inventories are valued using the last-in, first-out ("LIFO") method. These inventories were approximately 19% and 17% of total inventory at December 31, 2013 and 2012, respectively. Other inventories are valued using the first-in, first-out ("FIFO") method. During 2013 and 2012, inventory reduction at certain businesses resulted in a liquidation of LIFO inventory quantities carried at lower costs prevailing in prior years, the effect of which increased operating income by approximately $0.2 and $0.1 during the years ended December 31, 2013 and 2012, respectively.

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- Definition The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Section A -Paragraph 9 -Chapter 3 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a, b, c -Article 5 + Details
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