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Inventories

3 Months Ended

Mar. 31, 2012

Inventories consist of the following:



	March 31,		December 31,
	2012		2011
Raw materials and supplies	$	202,921	$	236,336
Work-in-process	237,880		227,139
Finished goods	157,792		151,543
	$	598,593	$	615,018

As part of the allocation of the purchase price of VAC to the acquired assets and liabilities assumed, we recorded a step-up of inventory to its estimated fair value on the date of acquisition, as required under purchase accounting. At March 31, 2012 and December 31, 2011, $42.3 million and $56.4 million, respectively, of the inventory step-up had not been recognized in cost of goods sold and remained within the value of inventory. The remaining inventory step-up is expected to be recognized in cost of goods sold in the remainder of 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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