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INVENTORIES

3 Months Ended

Mar. 31, 2013


8.	INVENTORIES

The components of inventories as of March 31, 2013 and December 31, 2012 were as follows:



	As of March 31, 2013			As of December 31, 2012
Raw materials	$	135,606		$	120,885
Work in process	67,129			60,384
Finished goods	366,453			406,018
	569,188			587,287
Less allowance for obsolescence	(59,512		)	(56,031		)
	$	509,676		$	531,256

In the three-month period ended March 31, 2013, the decrease in inventories was primarily driven by (i) $43.2 million of acquisition related adjustments included in cost of goods sold, primarily related to Medicis inventories that were sold in the first quarter, partially offset by (ii) investments in inventory to support growth of the business and the 2013 acquisitions of businesses.

- 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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