Note 6:

Inventories

Inventories as of December 31, 2017 and 2016 consisted of the following:

	2017		2016
Raw materials, including parts and subassemblies	$	362.6	$	312.9
Work-in-process		57.9		45.3
Finished goods		60.6		69.8
		481.1		428.0
Excess of LIFO costs over FIFO costs		13.4		15.9
Inventories	$	494.5	$	443.9

As of December 31, 2017, $366.9 million (74%) of the Company’s inventory is accounted for on a first-in, first-out (“FIFO”) basis and the remaining $127.6 million (26%) is accounted for on a last-in, first-out (“LIFO”) basis. As of December 31, 2016, $322.9 million (73%) of the Company’s inventory is accounted for on a FIFO basis and the remaining $121.0 million (27%) is accounted for on a LIFO basis.