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INVENTORIES

12 Months Ended

Dec. 31, 2011

3. INVENTORIES

Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs. Work-in-process inventories include excess of over average costs on long term contracts and costs and estimated earnings in excess of billings on uncompleted contracts. Finished goods inventories primarily consist of aerospace fasteners. Inventories consist of the following:

	December 31,		December 31,
	2011		2010
Purchased materials and component parts	$	165.3	$	140.0
Work-in-process		295.4		229.0
Finished goods		1,019.7		1,003.0
	$	1,480.4	$	1,372.0

- 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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