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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.