Inventories, net

3 Months Ended

Mar. 31, 2016

Inventories are valued at the lower of cost or market. The cost of certain U.S. inventories is determined by the last-in, first-out (“LIFO”) method, while other U.S. and foreign operations use the first-in, first-out (“FIFO”) or average-cost methods. Inventories consisted of the following:



	March 31,			December 31,
(in millions)	2016			2015
Raw material and supplies	$	439.0		$	412.9
Work in progress	108.1			102.5
Finished goods	223.6			222.4
FIFO inventories	770.7			737.8
LIFO reserve	(14.4		)	(14.2		)
Inventories, net	$	756.3		$	723.6