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INVENTORIES

9 Months Ended

Sep. 30, 2014

The components of inventories as of September 30, 2014 and December 31, 2013 were as follows:



	As of September 30, 2014			As of December 31, 2013
Raw materials	$	241.1		$	221.8
Work in process	108.1			104.7
Finished goods	697.3			656.3
	1,046.5			982.8
Less allowance for obsolescence	(113.8		)	(99.8		)
	$	932.7		$	883.0

In the nine-month period ended September 30, 2014, the increase in inventories was primarily driven by (i) the 2014 acquisitions of businesses, primarily from the $30.3 million and $18.8 million of inventory acquired in the Solta Medical and PreCision acquisitions, respectively, and (ii) investments in inventory (inclusive of cost increases) to support growth of the business.

For further information regarding the 2014 acquisitions of businesses, see note 3 titled “BUSINESS COMBINATIONS”.

- 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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