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Inventories

3 Months Ended

Apr. 01, 2012

Note 7. 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. 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	April 1, 2012			January 1, 2012
Raw materials and supplies	$	112.3		$	107.3
Work in process		117.5			104.9
Finished goods		29.1			28.0

		258.9			240.2
Progress payments		(2.2	)		(3.4	)
LIFO reserve		(18.0	)		(17.4	)

Total inventories, net	$	238.7		$	219.4

Inventories at cost determined on the LIFO method were $103.6 million at April 1, 2012 and $96.0 million at January 1, 2012. The remainder of the inventories using average cost or the FIFO methods, were $155.3 million at April 1, 2012 and $144.2 million at January 1, 2012.

- 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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