Inventories

Inventories are stated at the lower of cost or market, less progress payments. Inventories are valued under the LIFO method, FIFO method and average cost method. Inventories at cost determined on the average cost or the FIFO methods, were $231.3 million at March 31, 2013 and $214.3 million at December 30, 2012. The remainder of the inventories using the LIFO method were $96.6 million at March 31, 2013 and $91.5 million at December 30, 2012. Interim LIFO calculations are based on the Company’s estimates of expected year-end inventory levels and costs since an actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Because these are subject to many factors beyond the Company’s control, interim results are subject to the final year-end LIFO inventory valuation. Inventories consist of the following (in millions):



Balance at	March 31, 2013			December 30, 2012
Raw materials and supplies	$	134.4		$	129.4
Work in process	158.7			145.9
Finished goods	34.8			30.5
	327.9			305.8
Progress payments	(6.2		)	(7.3		)
LIFO reserve	(17.2		)	(17.3		)
Total inventories, net	$	304.5		$	281.2