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 2017			December 31 2016
Finished products	$	518.0		$	452.3
Work in process and raw materials		539.3			444.7


		1,057.3			897.0
Less LIFO reserve		(172.0	)		(169.2	)


	$	885.3		$	727.8

Under the LIFO method of accounting (used for approximately 46% of June 30, 2017 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 thoseyear-end amounts.