Inventories

Inventories are stated at the lower of cost or market value. Certain U.S. inventories are valued using the last-in, first-out (“LIFO”) method and represented approximately $68.7 million or 49.0% and $56.1 million or 47.5% of inventories at May 31, 2014 and November 30, 2013, respectively. The remaining portion of inventories (which are located outside of the U.S.) are valued using the first-in, first-out (“FIFO”) or average cost methods. Interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to final year-end LIFO inventory valuations.



(Dollars in millions)	May 31, 2014			November 30, 2013
Raw materials and supplies	$	52.2		$	40.1
Work-in-process	8.0			5.6
Finished products	80.0			72.3
Acquired cost of inventories	140.2			118.0
Excess of acquired cost over LIFO cost	(23.2		)	(21.7		)
Obsolescence reserves	(8.3		)	(8.2		)
Net Inventories	$	108.7		$	88.1