Note 4: Inventories

Inventories by major classification as of 2016 and 2015 year end are as follows:


(Amounts in millions)	2016		2015
Finished goods	$	467.4	$	437.9
Work in progress		42.7		42.9
Raw materials		93.6		90.3

Total FIFO value		603.7		571.1
Excess of current cost over LIFO cost		(73.2)		(73.3)

Total inventories – net	$	530.5	$	497.8

Inventories accounted for using the FIFO method approximated 59% and 57% of total inventories as of 2016 and 2015 year end, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of 2016 year end, approximately 33% of the company’s U.S. inventory was accounted for using the FIFO method and 67% was accounted for using the LIFO method. There were no LIFO inventory liquidations in 2016, 2015 or 2014.