Inventories

Inventories are stated at the lower of cost or market, less progress payments. Inventories are valued under the FIFO method, LIFO method and average cost method. Inventories at cost determined on the average cost or the FIFO methods were $257.4 million at September 27, 2015 and $241.8 million at December 28, 2014. The remainder of the inventories using the LIFO method were $104.0 million at September 27, 2015 and $98.1 million at December 28, 2014. Interim LIFO calculations are based on the Company’s estimates of expected year-end inventory levels and costs since an actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Because these are subject to many factors beyond the Company’s control, interim results are subject to the final year-end LIFO inventory valuation. Inventories consist of the following (in millions):



Balance at	September 27, 2015			December 28, 2014
Raw materials and supplies	$	150.6		$	143.1
Work in process	167.9			153.5
Finished goods	42.9			43.3
	361.4			339.9
Progress payments	(13.5		)	(11.6		)
LIFO reserve	(16.4		)	(16.5		)
Total inventories, net	$	331.5		$	311.8