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	March 31, 2017			December 31, 2016
Raw materials	$	469.5		$	448.5
Work-in-process	174.5			154.0
Finished goods	1,017.5			845.6
	1,661.5			1,448.1
LIFO reserve	(61.8		)	(62.3		)
Total	$	1,599.7		$	1,385.8

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 $116.6 million and $111.7 million at March 31, 2017 and December 31, 2016, respectively.