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INVENTORIES

12 Months Ended

Dec. 31, 2013

4.	INVENTORIES

Inventories consisted of the following (in millions):


As of December 31,	2013		2012
Finished goods	$	817.0	$	786.3
Work in progress		77.4		52.3
Raw materials		180.1		156.7

Inventories	$	1,074.5	$	995.3

Amounts charged to the consolidated statement of earnings for excess and obsolete inventory in the years ended December 31, 2013, 2012 and 2011 were $112.0 million, $55.1 million and $47.6 million, respectively. The increase in the 2013 period primarily resulted from our decision to discontinue certain products.

- 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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