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Inventories

3 Months Ended

Mar. 31, 2014

(5) Inventories

The following table details our inventories and the reduction of certain inventories to a LIFO basis:


	March 31, 2014			December 31, 2013
Inventories (at FIFO, which approximates replacement value):
Raw materials	$	121.4		$	116.6
Work in process		124.0			110.9
Finished goods		579.7			514.5

Subtotal (at FIFO)		825.1			742.0

Reduction of certain inventories to LIFO basis		(51.1	)		(53.6	)

Total	$	774.0		$	688.4

We determine the value of some of our non-equipment U.S. inventories by the last-in, first-out, or LIFO, inventory method. U.S. inventories determined by the LIFO method were $117 million at March 31, 2014 and $101 million at December 31, 2013.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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