Inventories

Inventories are stated at the lower of cost or market, less progress payments. Inventories are valued under the FIFO method, LIFO method and average cost method. Inventories at cost determined on the average cost or the FIFO methods, were $238.7 million at March 30, 2014 and $240.2 million at December 29, 2013. The remainder of the inventories using the LIFO method were $97.5 million at March 30, 2014 and $83.4 million at December 29, 2013. 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 30, 2014			December 29, 2013
Raw materials and supplies	$	128.9		$	130.7
Work in process	163.9			151.5
Finished goods	43.4			41.4
	336.2			323.6
Progress payments	(11.9		)	(12.7		)
LIFO reserve	(16.7		)	(16.6		)
Total inventories, net	$	307.6		$	294.3