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:


	March 31 2017			December 31 2016
Finished products	$	465.7		$	452.3
Work in process and raw materials		476.9			444.7


		942.6			897.0
Less LIFO reserve		(170.4	)		(169.2	)


	$	772.2		$	727.8

Under the LIFO method of accounting (used for approximately 47% of March 31, 2017 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.