Note 4: Inventories
Inventories by major classification as of 2013 and 2012 year end are as follows:
| (Amounts in millions) | 2013 | 2012 | ||||||
|
Finished goods |
$ | 374.7 | $ | 353.6 | ||||
|
Work in progress |
45.0 | 38.6 | ||||||
|
Raw materials |
87.3 | 83.8 | ||||||
|
|
|
|
|
|||||
|
Total FIFO value |
507.0 | 476.0 | ||||||
|
Excess of current cost over LIFO cost |
(72.6) | (71.8) | ||||||
|
|
|
|
|
|||||
|
Total inventories – net |
$ | 434.4 | $ | 404.2 | ||||
|
|
|
|
|
|||||
Inventories accounted for using the FIFO method as of both 2013 and 2012 year end approximated 60% of total inventories. The company accounts for its non-U.S. inventory on the FIFO method. As of 2013 year end, approximately 31% of the company’s U.S. inventory was accounted for using the FIFO method and 69% was accounted for using the LIFO method. There were no LIFO inventory liquidations in 2013, 2012 or 2011.