Summary of Significant Accounting Policies (Tables)

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.

Note 9: Property and Equipment

At December 31, property and equipment consisted of the following:



	2014			2013
Land	$	205.2		$	198.7
Buildings	6,516.2			6,489.9
Equipment	7,609.7			7,752.7
Construction in progress	1,698.2			1,205.4
	16,029.3			15,646.7
Less accumulated depreciation	(8,065.4		)	(7,671.2		)
Property and equipment, net	$	7,963.9		$	7,975.5

Depreciation expense for the years ended December 31, 2014, 2013, and 2012 was $759.1 million, $774.8 million, and $754.0 million, respectively. Capitalized interest costs were not material for the years ended December 31, 2014, 2013, and 2012, respectively. Total rental expense for all leases, including contingent rentals (not material), amounted to $227.3 million, $227.2 million, and $262.2 million for the years ended December 31, 2014, 2013, and 2012, respectively. Assets under capital leases included in property and equipment, net on the consolidated balance sheets, capital lease obligations entered into, and future minimum rental commitments are not material.

- 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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- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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