INVENTORIES, NET

3 Months Ended

Mar. 31, 2018

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.