INVENTORIES

9 Months Ended

Oct. 01, 2011

INVENTORIES

INVENTORIES

(6)           INVENTORIES

Inventories comprised the following amounts:

	October 1, 2011			December 31, 2010
Finished goods	$	252.0		$	190.3
Work in process	161.5			113.9
Raw material and purchased parts	314.3			292.5
Total FIFO cost	727.8			596.7
Excess of FIFO cost over LIFO inventory value	(32.4		)	(32.4		)
Total inventories	$	695.4		$	564.3

Inventories include material, labor and factory overhead costs and are reduced, when necessary, to estimated realizable values. Certain domestic inventories are valued using the last-in, first-out (“LIFO”) method. These inventories were approximately 26% and 29% of the total inventory at October 1, 2011 and December 31, 2010, respectively. Other inventories are valued using the first-in, first-out (“FIFO”) method. Progress payments, which are netted against work in process, were $5.0 and $5.9 at October 1, 2011 and December 31, 2010, respectively.