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:



	2017		2016
Finished products	$	1,211.4	$	987.3
Work in process	2,697.7		2,117.2
Raw materials and supplies	488.8		435.3
Total (approximates replacement cost)	4,397.9		3,539.8
Increase to LIFO cost	60.4		22.1
Inventories	$	4,458.3	$	3,561.9

Inventories valued under the LIFO method comprised $1.56 billion and $1.43 billion of total inventories at December 31, 2017 and 2016, respectively.