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Inventories

6 Months Ended

Jun. 30, 2014

(5) Inventories

The following table details our inventories and the reduction of certain inventories to a LIFO basis:


	June 30, 2014			December 3 2013

Inventories (at FIFO, which approximates replacement value):
Raw materials	$	116.6		$	116.6
Work in process		127.0			110.9
Finished goods		590.1			514.5

Subtotal (at FIFO)		833.7			742.0
Reduction of certain inventories to LIFO basis		(50.2	)		(53.6	)

Total	$	783.5		$	688.4

We determine the value of some of our non-equipment U.S. inventories by the last-in, first-out, or LIFO, inventory method. U.S. inventories determined by the LIFO method were $122 million at June 30, 2014 and $101 million at December 31, 2013.

- 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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