NOTE 16. SUPPLEMENTAL FINANCIAL INFORMATION

Inventories

Net inventories at year-end were as follows:

(In millions)	2015		2014

Raw materials	$	180.5	$	183.6
Work-in-progress		143.0		150.4
Finished goods		155.2		157.8

Inventories, net	$	478.7	$	491.8

Property, Plant and Equipment

Major classes of property, plant and equipment, stated at cost, at year-end were as follows:

(In millions)	2015			2014

Land	$	30.4		$	32.1
Buildings and improvements		579.3			578.2
Machinery and equipment		1,922.3			1,958.2
Construction-in-progress		67.9			86.0

Property, plant and equipment		2,599.9			2,654.5
Accumulated depreciation		(1,752.0	)		(1,779.2	)

Property, plant and equipment, net	$	847.9		$	875.3

Software

Capitalized software costs at year-end were as follows:

(In millions)	2015			2014

Cost	$	398.2		$	445.7
Accumulated amortization		(270.8	)		(293.1	)

Software, net	$	127.4		$	152.6

Software amortization expense from continuing operations was $37.6 million in 2015, $36.4 million in 2014, and $35.3 million in 2013.

Research and Development

Research and development expense from continuing operations, which is included in "Marketing, general and administrative expense" in the Consolidated Statements of Income, was as follows:

(In millions)	2015		2014		2013

Research and development expense	$	91.9	$	102.5	$	96.0

Supplemental Cash Flow Information

Cash paid for interest and income taxes, including amounts paid for discontinued operations, was as follows:

(In millions)	2015		2014		2013

Interest, net of capitalized amounts	$	60.1	$	61.6	$	60.2
Income taxes, net of refunds		129.9		108.8		129.4

Capital expenditures accrued but not paid, including amounts for discontinued operations, were $3.1 million in 2015, $3.8 million in 2014, and $11.5 million in 2013.

Currency Effects

Gains and losses resulting from foreign currency transactions are included in income in the period incurred. Transactions in foreign currencies (including receivables, payables and loans denominated in currencies other than the functional currency), including hedging impacts, decreased net income by $6.1 million, $8.7 million, and $7.9 million, in 2015, 2014, and 2013, respectively.

We had no operations in hyperinflationary economies in fiscal years 2015, 2014, or 2013.