Inventories

Depending on the business, U.S. inventories are stated at the lower of cost or market using the last-in, first-out (LIFO) method or the lower of cost or market using the first-in, first-out (FIFO) method. Non-U.S. inventories are primarily stated at the lower of cost or market using the FIFO method.

The major classes of inventory were as follows:



In millions	June 30, 2016			December 31, 2015
Raw materials	$	519.8		$	514.9
Work-in-process	187.2			131.0
Finished goods	956.5			825.7
	1,663.5			1,471.6
LIFO reserve	(62.2		)	(60.9		)
Total	$	1,601.3		$	1,410.7

The Company performs periodic assessments to determine the existence of obsolete, slow-moving and non-saleable inventories and records necessary provisions to reduce such inventories to net realizable value. Reserve balances, primarily related to obsolete and slow-moving inventories, were $109.8 million and $100.4 million at June 30, 2016 and December 31, 2015, respectively.