Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

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.

Property, Plant and Equipment Disclosure [Text Block]

Note 9: Property and Equipment

Property and equipment is stated on the basis of cost. Provisions for depreciation of buildings and equipment are computed generally by the straight-line method at rates based on their estimated useful lives (12 to 50 years for buildings and 3 to 25 years for equipment). We review the carrying value of long-lived assets for potential impairment on a periodic basis and whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Impairment is determined by comparing projected undiscounted cash flows to be generated by the asset to its carrying value. If an impairment is identified, a loss is recorded equal to the excess of the asset’s net book value over its fair value, and the cost basis is adjusted.

At December 31, property and equipment consisted of the following:



	2016			2015
Land	$	197.6		$	220.6
Buildings	6,917.8			6,786.5
Equipment	7,864.7			7,988.5
Construction in progress	1,797.5			1,665.3
	16,777.6			16,660.9
Less accumulated depreciation	(8,525.0		)	(8,607.4		)
Property and equipment, net	$	8,252.6		$	8,053.5

Depreciation expense related to property and equipment and rental expense for all leases, including contingent rentals (not material), was as follows:



	2016		2015		2014
Depreciation expense	$	716.2	$	717.6	$	759.1
Rental expense	221.0		225.7		227.3

The future minimum rental commitments under non-cancelable operating leases are as follows:



	2017		2018		2019		2020		2021		After 2021
Lease commitments	$	134.8	$	120.9	$	109.9	$	93.3	$	75.3	$	339.4

Capitalized interest costs were not material for the years ended December 31, 2016, 2015, and 2014.

Assets under capital leases included in property and equipment, net on the consolidated balance sheets, capital lease obligations entered into, and future minimum rental commitments are not material.