INVENTORIES



(Millions of Dollars)	2017		2016
Finished products	$	1,461.4	$	1,044.2
Work in process	155.5		133.3
Raw materials	401.5		300.5
Total	$	2,018.4	$	1,478.0

Net inventories in the amount of $896.9 million at December 30, 2017 and $662.8 million at December 31, 2016 were valued at the lower of LIFO cost or market. If the LIFO method had not been used, inventories would have been $2.9 million lower than reported at December 30, 2017 and $11.3 million higher than reported at December 31, 2016.

In the first quarter of 2017, the Company acquired inventory with estimated fair values of $195.8 million and $15.7 million related to the Newell Tools and Craftsman brand acquisitions, respectively. Refer to Note E, Acquisitions, for further discussion of these acquisitions.