Note 4: Inventories

Inventories by major classification are as follows:


(Amounts in millions)	April 1, 2017		December 31, 2016
Finished goods	$	488.6	$	467.4
Work in progress		45.0		42.7
Raw materials		96.9		93.6

Total FIFO value		630.5		603.7
Excess of current cost over LIFO cost		(73.7)		(73.2)

Total inventories – net	$	556.8	$	530.5

Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 59% of total inventories as of both April 1, 2017, and December 31, 2016. The company accounts for its non-U.S. inventory on the FIFO method. As of April 1, 2017, approximately 31% of the company’s U.S. inventory was accounted for using the FIFO method and 69% was accounted for using the last-in, first-out (“LIFO”) method. There were no LIFO inventory liquidations in the three months ended April 1, 2017, or April 2, 2016.