Note 4: Inventories

Inventories by major classification are as follows:


(Amounts in millions)	July 1, 2017		December 31, 2016
Finished goods	$	521.0	$	467.4
Work in progress		46.4		42.7
Raw materials		108.0		93.6

Total FIFO value		675.4		603.7
Excess of current cost over LIFO cost		(74.0)		(73.2)

Total inventories – net	$	601.4	$	530.5

Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 60% and 59% of total inventories as of July 1, 2017, and December 31, 2016, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of July 1, 2017, approximately 32% of the company’s U.S. inventory was accounted for using the FIFO method and 68% was accounted for using the last-in, first-out (“LIFO”) method. There were no LIFO inventory liquidations in the three and six months ended July 1, 2017, or July 2, 2016.