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Inventories

6 Months Ended

Jun. 30, 2013

Note 11—Inventories

The components of inventories at June 30, 2013 and December 31, 2012 were as follows:

	June 30,			December 31,
(in millions)	2013			2012

Finished goods	$	313.7		$	340.0
Work-in-process	59.8			55.8
Raw materials	154.2			169.3
Capitalized variances	3.7			8.6
Reserves	(38.4		)	(35.7		)
Inventories	$	493.0		$	538.0

- 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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