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Inventories

12 Months Ended

Dec. 31, 2011

Approximately 82% of the Company’s inventories are valued using the average cost method and all remaining inventories are valued using the first-in, first-out (FIFO) method. All inventories are stated at the lower of cost or market value.



(in millions)	Dec 31, 2011		Dec 31, 2010
Raw materials	$	293.8	$	205.9
Work in process	193.3		207.9
Finished goods	756.6		689.8
Total	$	1,243.7	$	1,103.6

As of December 31, 2009, inventories have been retrospectively adjusted for the change from the LIFO method of inventory accounting to the average cost method. Refer to Note 2 - Summary of Significant Accounting Policies for information on this change in accounting principle.

At December 31, 2011 and 2010, the Company had approximately $26.4 million and $32.5 million, respectively of consignment inventory at locations not operated by the Company with approximately 85% and 82%, respectively, of the consignment inventory located throughout the United States and Canada.

- 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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