Inventories

Inventories consisted of the following (in millions):



		September 30,
		2015			2014
Raw materials		$	532.1		$	519.4
Partially finished products		266.3			230.5
Finished products		594.4			336.4
Inventories at FIFO cost		1,392.8			1,086.3
Less:	Progress/performance-based payments on U.S. government contracts	(12.9		)	(42.5		)
	Excess of FIFO cost over LIFO cost	(78.2		)	(82.9		)
		$	1,301.7		$	960.9

Title to all inventories related to U.S. government contracts, which provide for progress or performance-based payments, vests with the U.S. government to the extent of unliquidated progress or performance-based payments.

During fiscal 2014 and 2013, reductions in inventory levels resulted in liquidations of LIFO inventory layers carried at lower costs prevailing in prior years as compared with the cost of current-year purchases. The effect of the LIFO inventory liquidations on fiscal 2014 and 2013 results was to decrease costs of goods sold by $1.3 million and $0.7 million, respectively, and increase after-tax earnings from continuing operations by $0.9 million ($0.01 per share) and $0.5 million ($0.01 per share), respectively.