Inventories

Inventories consist of the following (in millions):



	December 31, 2014			December 31, 2013
Inventories at FIFO, net of reserves	$	533.1		$	488.2
Less: LIFO reserve	(115.3		)	(99.0		)
Total inventories at LIFO, net of reserves	$	417.8		$	389.2

During periods of rising prices, the LIFO method of costing inventories generally results in higher current costs being charged against income while lower costs are retained in inventories. Conversely, during periods of decreasing prices, the LIFO method of costing inventories generally results in lower current costs being charged against income and higher stated inventories. If the FIFO method had been used for valuing inventories in the U.S., inventories would have been approximately $115.3 million and $99.0 million higher at December 31, 2014 and 2013, respectively. The Company recorded LIFO expense of $16.3 million, $8.7 million and $12.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. The Company had a decrement in certain of its LIFO inventory layers of $4.6 million and $11.8 million in 2014 and 2013, respectively.