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	September 30, 2016			December 31, 2015
Raw materials	$	505.2		$	514.9
Work-in-process	162.8			131.0
Finished goods	950.9			825.7
	1,618.9			1,471.6
LIFO reserve	(62.9		)	(60.9		)
Total	$	1,556.0		$	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 $113.8 million and $100.4 million at September 30, 2016 and December 31, 2015, respectively.