Note 4: Inventories

Inventories by major classification as of 2011 and 2010 year end are as follows:


(Amounts in millions)	2011		2010
Finished goods	$	343.8	$	308.7
Work in progress		32.2		25.0
Raw materials		80.5		64.1

Total FIFO value		456.5		397.8
Excess of current cost over LIFO cost		(70.1)		(68.4)

Total inventories – net	$	386.4	$	329.4

Inventories accounted for using the FIFO method as of 2011 and 2010 year end approximated 62% and 64%, respectively, of total inventories. The company accounts for its non-U.S. inventory on the FIFO method. As of 2011 year end, approximately 28% of the company's U.S. inventory was accounted for using the FIFO method and 72% was accounted for using the LIFO method. LIFO inventory liquidations resulted in a reduction of "Cost of goods sold" on the accompanying Consolidated Statements of Earnings of $9.5 million in 2009; there were no LIFO inventory liquidations in 2011 or 2010.