Inventories

We value our raw materials, work in process, and finished goods inventories using lower of cost, as determined by the average cost method, or market. Supplies and materials are valued at the first-in, first-out (FIFO) or average cost methods.

The components of inventories were as follows (dollars in millions):



	June 30, 2016		December 31, 2015
Raw materials	$	256.5	$	260.6
Work in process	11.9		14.2
Finished goods	182.2		189.7
Supplies and materials	220.7		212.3
Inventories	$	671.3	$	676.8