Inventories

12 Months Ended

Jan. 01, 2012

Inventories [Abstract]

Inventories

Note 6.    Inventories

Inventories consisted of the following (in millions):

	Balance at year-end
	2011			2010
Raw materials and supplies	$	107.3		$	90.6
Work in process		104.9			97.8
Finished goods		28.0			18.3
Total inventories at cost, net		240.2			206.7
LIFO reserve		(17.4	)		(16.5	)
Progress payments		(3.4	)		(17.9	)
Total inventories, net	$	219.4		$	172.3

Inventories at cost determined on the last-in, first-out method were $96.0 million at January 1, 2012, and $98.9 million at January 2, 2011. The remainder of the inventories using average cost or the first-in, first-out methods, were $144.2 million at January 1, 2012, and $107.8 million at January 2, 2011.

The Company recorded LIFO expense of $0.9 million in 2011, LIFO expense of $0.8 million in 2010 and LIFO income of $2.2 million in 2009.

Total inventories at current cost were net of reserves for excess, slow moving and obsolete inventory of $42.0 million and $27.2 million at January 1, 2012, and January 2, 2011, respectively.

Inventories, before progress payments, related to long-term contracts were $34.1 million and $27.8 million at January 1, 2012, and January 2, 2011, respectively. Progress payments related to long-term contracts were $1.5 million and $1.0 million at January 1, 2012 and January 2, 2011, respectively. Under the contractual arrangements by which progress payments are received, the customer has an ownership right in the inventories associated with specific contracts.