Inventories

Inventories are summarized as follows:



	SEPTEMBER 30 2016			DECEMBER 31 2015
Finished goods and service parts	$	184.3		$	153.0
Raw materials and work in process	230.8			192.0
Total manufactured inventories	415.1			345.0
LIFO reserve	(39.1		)	(40.4		)
Total inventory	$	376.0		$	304.6

The cost of certain manufactured inventories, including service parts, has been determined using the last-in-first-out (“LIFO”) method. At September 30, 2016 and December 31, 2015, 53% and 58%, respectively, of total inventories were determined using the LIFO method. An actual valuation of inventory under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management's estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation.