Inventories (Notes)

12 Months Ended

Dec. 31, 2014

Note 6: Inventories

Inventories at December 31 consisted of the following:



	2014			2013
Finished products	$	838.0		$	968.1
Work in process	1,715.4			1,868.3
Raw materials and supplies	315.0			259.0
Total (approximates replacement cost)	2,868.4			3,095.4
Reduction to LIFO cost	(128.4		)	(166.6		)
Inventories	$	2,740.0		$	2,928.8

Inventories valued under the LIFO method comprised $1.09 billion and $1.02 billion of total inventories at December 31, 2014 and 2013, respectively.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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