INVENTORIES, NET

3 Months Ended

Apr. 02, 2016

Inventories at April 2, 2016 and December 31, 2015 comprised the following:



	April 2, 2016			December 31, 2015
Finished goods	$	64.3		$	58.4
Work in process	59.3			58.2
Raw materials and purchased parts	78.2			79.4
Total FIFO cost	201.8			196.0
Excess of FIFO cost over LIFO inventory value	(12.5		)	(12.4		)
Total inventories, net⁽¹⁾	$	189.3		$	183.6

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⁽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 condensed consolidated balance sheet as of December 31, 2015. See Note 3 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 54% and 46% of total inventory at April 2, 2016 and December 31, 2015, respectively. Other inventories are valued using the first-in, first-out (“FIFO”) method.