NOTE C - Inventories

Inventories are stated at the lower of cost or market. Cost of inventories in the U.S. is determined principally by the last-in, first-out (LIFO) method. Cost of all other inventories is determined principally by the first-in, first-out (FIFO) method.

Inventories include the following:


	June 30 2015			December 31 2014
Finished products	$	478.1		$	512.3
Work in process and raw materials		585.1			587.7

		1,063.2			1,100.0
Less LIFO reserve		(175.0	)		(174.3	)

	$	888.2		$	925.7

Under the LIFO method of accounting (used for approximately 48% of June 30, 2015 inventories), an actual valuation can be made only at the end of each year based on year-end inventory levels and costs. Accordingly, interim valuations are based on management’s estimates of those year-end amounts.