Inventories

Inventories are summarized as follows:



	MARCH 31 2012			DECEMBER 31 2011
Manufactured inventories:
Finished goods and service parts - NMHG	$	167.6		$	160.3
Raw materials and work in process - NMHG	201.7			198.8
Total manufactured inventories	369.3			359.1
Sourced inventories - HBB	75.1			75.6
Retail inventories - KC	59.8			61.5
Total inventories at FIFO	504.2			496.2
Coal - NACoal	14.0			13.1
Mining supplies - NACoal	11.9			11.1
Total inventories at weighted average	25.9			24.2
NMHG LIFO reserve	(52.2		)	(50.1		)
	$	477.9		$	470.3

The cost of certain manufactured inventories at NMHG, including service parts, has been determined using the last-in-first-out (“LIFO”) method. At March 31, 2012 and December 31, 2011, 33% and 35%, respectively, of total inventories were determined using the LIFO method. An actual valuation of inventory under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management's estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation.