INVENTORIES, NET

6 Months Ended

Jun. 29, 2013

(6) INVENTORIES, NET

Inventories, net, comprised the following:

	June 29,			December 31,
	2013			2012
Finished goods	$	165.5		$	131.1
Work in process	219.3			186.0
Raw material and purchased parts	262.9			261.1
Total FIFO cost	647.7			578.2
Excess of FIFO cost over LIFO inventory value	(23.5		)	(22.6		)
Total inventories, net	$	624.2		$	555.6

Inventories include material, labor and factory overhead costs and are reduced, when necessary, to estimated net realizable values. Certain domestic inventories are valued using the last-in, first-out (“LIFO”) method. These inventories were approximately 23% and 19% of total inventory at June 29, 2013 and December 31, 2012, respectively. Other inventories are valued using the first-in, first-out (“FIFO”) method. Progress payments, which are netted against work in process, were $3.5 and $4.1 at June 29, 2013 and December 31, 2012, respectively.

- 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.

+ References+ Details