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Inventories | 12 Months Ended
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Dec. 31, 2017
Inventory Disclosure [Abstract] |
Inventories | 5. Inventories The components of inventories at December 31, 2017 and December 31, 2016 are summarized as follows:
(in millions) |  | 2017 |  |  | 2016 |
Raw materials |  | $ | 122.0 |  |  | $ | 109.3 |
Work-in-process |  |  | 94.3 |  |  |  | 88.4 |
Finished goods |  |  | 227.7 |  |  |  | 270.9 |
Total inventories — gross |  |  | 444.0 |  |  |  | 468.6 |
Excess and obsolete inventory reserve |  |  | (47.9 | ) |  |  | (39.6 | )
Net inventories |  | $ | 396.1 |  |  | $ | 429.0 |
As described in Note 2, in the fourth quarter of 2016, the Company elected to change its method of accounting for certain inventory in the U.S. from LIFO to FIFO. The Company applied this change in method of inventory costing by retrospectively adjusting the prior period financial statements. As a result of the retrospective adjustment of the change in accounting principle, certain amounts in the Company's consolidated financial statements for the year ended December 31, 2015 was adjusted as follows:
For the year ended December 31, 2015 |  |  |
|  | Impact of Change |
In millions (except per share data) |  | Historical |  |  | to FIFO |  |  | As adjusted |
Cost of sales |  | $ | 1,537.0 |  |  | $ | (3.5 | ) |  | $ | 1,533.5 |
Operating (loss) income |  |  | (15.9 | ) |  |  | 3.5 |  |  |  | (12.4 | )
Loss from continuing operations before taxes |  |  | (114.5 | ) |  |  | 3.5 |  |  |  | (111.0 | )
Benefit for income taxes |  |  | (42.6 | ) |  |  | 1.5 |  |  |  | (41.1 | )
Loss from continuing operations |  |  | (71.9 | ) |  |  | 2.0 |  |  |  | (69.9 | )
Net (loss) income |  |  | 63.5 |  |  |  | 2.0 |  |  |  | 65.5 |
Net (loss) income attributable to Manitowoc common shareholders |  |  | 63.5 |  |  |  | 2.0 |  |  |  | 65.5 |
Basic (loss) income per share from continuing operations |  |  | (2.11 | ) |  |  | 0.02 |  |  |  | (2.06 | )
Diluted (loss) income per share from continuing operations |  |  | (2.11 | ) |  |  | 0.02 |  |  |  | (2.06 | )
The Consolidated Statements of Cash Flows for the year ended December 31, 2015 was adjusted as follows:
For the year ended December 31, 2015 |  |  |
|  | Impact of Change |
In millions |  | Historical |  |  | to FIFO |  |  | As adjusted |
Net (loss) income |  | $ | 63.5 |  |  | $ | 2.0 |  |  | $ | 65.5 |
Deferred income taxes |  |  | (5.9 | ) |  |  | 1.5 |  |  |  | (4.4 | )
Change in inventories, net |  |  | (3.7 | ) |  |  | (3.5 | ) |  |  | (7.2 | )
The tables above present selected financial information “as adjusted for impact of change to FIFO” and “historical,” which represents the results of operations prior to the change to FIFO but after the classification of MFS to discontinued operations.

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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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