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Inventories

3 Months Ended

Mar. 31, 2012

Note 3: Inventories

Inventories by major classification are as follows:


(Amounts in millions)	March 31, 2012		December 31, 2011
Finished goods	$	346.2	$	343.8
Work in progress		37.7		32.2
Raw materials		82.5		80.5

Total FIFO value		466.4		456.5
Excess of current cost over LIFO cost		(70.6)		(70.1)

Total inventories – net	$	395.8	$	386.4

Inventories accounted for using the first-in, first-out ("FIFO") method as of both March 31, 2012, and December 31, 2011, approximated 62% of total inventories. The company accounts for its non-U.S. inventory on the FIFO basis. As of March 31, 2012, approximately 28% of the company's U.S. inventory was accounted for using the FIFO basis and 72% was accounted for using the last-in, first-out ("LIFO") basis. There were no LIFO inventory liquidations in the three month periods ended March 31, 2012, or April 2, 2011.

- 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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