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			December 31
		2017			2016
Finished products	$	574.1		$	452.3
Work in process and raw materials		581.6			444.7
		1,155.7			897.0
Less LIFO reserve		(172.7	)		(169.2	)
	$	983.0		$	727.8

Under the LIFO method of accounting (used for approximately 45% of September 30, 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.