Note 6:

Inventories

Inventories as of December 31, 2018 and 2017 consisted of the following.

	2018		2017
Raw materials, including parts and subassemblies	$	369.2	$	362.6
Work-in-process		58.1		57.9
Finished goods		83.4		60.6
		510.7		481.1
Excess of LIFO costs over FIFO costs		13.2		13.4
Inventories	$	523.9	$	494.5

As of December 31, 2018, $390.8 million (75%) of the Company’s inventory is accounted for on a first-in, first-out (“FIFO”) basis and the remaining $133.1 million (25%) is accounted for on a last-in, first-out (“LIFO”) basis.

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.