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Inventories

3 Months Ended

Mar. 31, 2015

The components of inventories as of March 31, 2015 and December 31, 2014 are summarized as follows:



(in millions)	March 31, 2015			December 31, 2014
Inventories — gross:
Raw materials	$	230.7		$	226.2
Work-in-process	149.6			103.7
Finished goods	416.5			414.8
Total inventories — gross	796.8			744.7
Excess and obsolete inventory reserve	(63.6		)	(64.0		)
Net inventories at FIFO cost	733.2			680.7
Excess of FIFO costs over LIFO value	(38.3		)	(36.2		)
Inventories — net	$	694.9		$	644.5

- 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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