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INVENTORIES, NET | 3 Months Ended
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Mar. 31, 2018
Inventory Disclosure [Abstract] |
INVENTORIES, NET | INVENTORIES, NET Inventories at March 31, 2018 and December 31, 2017 comprised the following:
| March 31, 2018 |  | December 31, 2017
Finished goods | $ | 35.0 |  |  | $ | 33.0 |
Work in process | 17.4 |  |  | 56.0 |
Raw materials and purchased parts | 68.4 |  |  | 66.4 |
Total FIFO cost | 120.8 |  |  | 155.4 |
Excess of FIFO cost over LIFO inventory value | (11.5 | ) |  | (12.4 | )
Total inventories, net | $ | 109.3 |  |  | $ | 143.0 |
As indicated in Note 2, in connection with the adoption of ASC 606, effective January 1, 2018, inventories were reduced by $40.2. Inventories include material, labor and factory overhead costs and are reduced, when necessary, to estimated net realizable values. Certain inventories are valued using the last-in, first-out (“LIFO”) method. These inventories were approximately 53% and 56% of total inventory at March 31, 2018 and December 31, 2017, respectively. Other inventories are valued using the first-in, first-out (“FIFO”) method.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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