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:


	September 30 2016			December 31 2015
Finished products	$	488.5		$	443.6
Work in process and raw materials		508.6			528.9


		997.1			972.5
Less LIFO reserve		(173.0	)		(176.0	)


	$	824.1		$	796.5

Under the LIFO method of accounting (used for approximately 46% of September 30, 2016 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.