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Inventories

12 Months Ended

Dec. 31, 2014

Note 6. Inventories

The components of the Company’s inventories, net of excess and obsolescence reserves for raw materials and finished goods, at December 31, 2014 and 2013 were as follows:

	2014			2013
Raw materials and manufacturing supplies	$	261.7		$	212.6
Work in process		157.5			145.2
Finished goods		260.6			235.4
LIFO reserve		(93.6	)		(92.0	)
Total	$	586.2		$	501.2

The Company recognized LIFO expense of $1.6 million in 2014 and benefit of $0.1 million and $4.3 million in 2013 and 2012, respectively.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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