NOTE 6. INVENTORIES


	December 31, 2014	December 31, 2013
Finished goods	$ 243.2	$ 246.3
Goods in process	23.0	20.9
Raw materials and supplies	133.9	111.7
Less LIFO and other reserves	(64.6)	(56.8)
Total inventories, net	$ 335.5	$ 322.1

Approximately 73% of our total inventory in 2014 and 2013, was valued on a LIFO (last-in, first-out) basis. Inventory values were lower than would have been reported on a total FIFO (first-in, first-out) basis by $52.9 million and $42.0 million in 2014 and 2013, respectively.

The distinction between the use of different methods of inventory valuation is primarily based on geographical locations and/or legal entities rather than types of inventory. The following table summarizes the amount of inventory that is not accounted for under the LIFO method.


	December 31, 2014	December 31, 2013
International locations	$ 84.6	$ 81.9
U.S. sourced products	4.7	3.6
Total	$ 89.3	$ 85.5

Substantially all of our international locations use the FIFO method of inventory valuation (or other methods which closely approximate the FIFO method) primarily because the LIFO method is not permitted for local tax and/or statutory reporting purposes. In these situations, a conversion to LIFO would be highly complex and involve excessive cost and effort to achieve under local tax and/or statutory reporting requirements.

The sourced products represent certain finished goods sourced from third party manufacturers, primarily from foreign suppliers.