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Inventories, Net

12 Months Ended

Dec. 31, 2014

INVENTORIES, NET



	2014			2013
Finished goods	$	70.5		$	49.9
Work in process	59.9			94.8
Raw materials	148.5			166.7
Inventoried costs related to long-term contracts	61.4			85.4
Total inventory before progress payments	340.3			396.8
Less – progress payments	(38.0		)	(80.9		)
Inventories, net	$	302.3		$	315.9

- 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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