Inventories, Net

12 Months Ended

Dec. 31, 2015

Inventories at December 31, 2015 and 2014 comprised the following:



	December 31,
	2015			2014
Finished goods	$	58.4		$	40.0
Work in process	58.2			59.5
Raw materials and purchased parts	79.4			80.0
Total FIFO cost	196.0			179.5
Excess of FIFO cost over LIFO inventory value	(12.4		)	(12.1		)
Total inventories⁽¹⁾	$	183.6		$	167.4


⁽¹⁾	The balance at December 31, 2015 includes $12.9 related to our dry cooling business. As previously noted, the assets and liabilities of the dry cooling business have been classified as "held for sale" in the accompanying consolidated balance sheet as of December 31, 2015. See Note 4 for information on the assets and liabilities of the dry cooling business as of December 31, 2015.

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 46% and 42% of total inventory at December 31, 2015 and 2014, respectively. Other inventories are valued using the first-in, first-out ("FIFO") method.