Inventories, Net

12 Months Ended

Dec. 31, 2014

(7) Inventories, Net

Inventories at December 31, 2014 and 2013 comprised the following:

	December 31,
	2014			2013
Finished goods	$	138.2		$	148.7
Work in process		158.6			165.1
Raw materials and purchased parts		220.5			213.0

Total FIFO cost		517.3			526.8
Excess of FIFO cost over LIFO inventory value		(19.5	)		(20.9	)

Total inventories	$	497.8		$	505.9

Inventories include material, labor and factory overhead costs and are reduced, when necessary, to estimated net realizable values. Certain domestic inventories are valued using the last-in, first-out ("LIFO") method. These inventories were approximately 18% and 19% of total inventory at December 31, 2014 and 2013, respectively. Other inventories are valued using the first-in, first-out ("FIFO") method.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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