Inventories (Notes)

12 Months Ended

Dec. 31, 2016

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

Note 6: Inventories

We state all inventories at the lower of cost or market. We use the last-in, first-out (LIFO) method for the majority of our inventories located in the continental U.S. Other inventories are valued by the first-in, first-out (FIFO) method. FIFO cost approximates current replacement cost.

Inventories at December 31 consisted of the following:

	2016		2015
Finished products	$	987.3	$	1,053.4
Work in process	2,117.2		2,058.1
Raw materials and supplies	435.3		403.0
Total (approximates replacement cost)	3,539.8		3,514.5
Increase (reduction) to LIFO cost	22.1		(68.7		)
Inventories	$	3,561.9	$	3,445.8

Inventories valued under the LIFO method comprised $1.43 billion and $1.30 billion of total inventories at December 31, 2016 and 2015, respectively.