NOTE C - Inventories

Inventories are stated at the lower of cost or market. Cost of inventories in the U.S. is determined principally by the last-in, first-out (LIFO) method. Cost of all other inventories is determined principally by the first-in, first-out (FIFO) method.

Inventories include the following:


	June 30 2014			December 31 2013
Finished products	$	580.9		$	440.6
Work in process and raw materials		561.1			545.2

		1,142.0			985.8
Less LIFO reserve		(172.9	)		(172.2	)

	$	969.1		$	813.6

Under the LIFO method of accounting (used for approximately 40% of June 30, 2014 inventories), an actual valuation can be made only at the end of each year based on year-end inventory levels and costs. Accordingly, interim valuations are based on management’s estimates of those year-end amounts.