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INVENTORIES, NET

9 Months Ended

Sep. 30, 2012

3. INVENTORIES, NET

Inventories, net of reserves, consisted of the following (in millions):

	September 30, 2012		December 31, 2011

Raw materials	$	50.6	$	51.7
Work in process		62.3		66.6
Finished products		173.1		143.0

	$	286.0	$	261.3

The Company recorded an $8.1 million charge to gross profit during the second quarter of 2012 due to the voluntary recalls of certain of the Company's heart valves and Critical Care catheters. The majority of the affected products were still part of inventory at the time of the recalls. As of September 30, 2012, there were $3.5 million of reserves for the recall remaining in inventory.

- 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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