Inventories, net

3 Months Ended

Mar. 31, 2014

Inventories are valued at the lower of cost or market. The cost of U.S. inventories is determined by the last-in, first-out (“LIFO”) method, while the operations outside the U.S. use the first-in, first-out (“FIFO”) or average-cost methods. Inventories consisted of the following:



	March 31,			December 31,
(millions of dollars)	2014			2013
Raw material and supplies	$	317.1		$	279.8
Work in progress	93.4			78.0
Finished goods	123.7			116.3
FIFO inventories	534.2			474.1
LIFO reserve	(17.3		)	(16.0		)
Inventories, net	$	516.9		$	458.1

- 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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