Steelcase Inc. is the global leader in providing furniture for office environments. The company uses the LIFO inventory method for external reporting and for income tax purposes but maintains its internal records using FIFO. The following disclosure note was included in a recent annual report: 7. Inventories ($ in millions): February 25, 2011 February 26, 2010 Raw materials $ 55.0 $ 45.8 Work-in-process 13.9 11.9 Finished goods 79.1 62.0 148.0 119.7 LIFO reserve (20.9) (21.3) $127.1 $98.4 The companys income statement reported cost of goods sold of $1,693.8 million for the fiscal year ended February 25, 2011. Since its inception, what is the amount of income tax the company has saved by using LIFO instead of FIFO for tax purposes? Assume an effective income tax rate of 35%