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Inventories

12 Months Ended

Dec. 31, 2011

Note 11—Inventories

Inventories at December 31, 2011 include assets acquired from Tri-Star and PDT and at December 31, 2010 include assets acquired from Hawk, recorded at estimated fair value based on preliminary valuation studies. See Note 3 for further information regarding these acquisitions.

The components of inventories at December 31 are as follows:

In millions	December 31, 2011			December 31, 2010

Finished goods	$	308.7		$	256.7
Work-in-process		56.7			46.7
Raw materials		179.8			124.0
Capitalized variances		30.2			28.1
Reserves		(33.8	)		(25.0	)

		541.6			430.5
Inventories associated with assets held for sale		(2.6	)		—

Inventories	$	539.0		$	430.5

- 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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