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Inventories

6 Months Ended

Jul. 02, 2011

E. Inventories

The components of inventories, net at July 2, 2011 and January 1, 2011 are as follows (in millions):

		$1,049.5		$1,049.5
	2011		2010
Finished products	$	1,049.5	$	915.1
Work in process		120.5		117.5
Raw materials		278.4		239.4

Total inventories	$	1,448.4	$	1,272.0

In connection with the Merger, the Company acquired inventory with a fair value of $1.068 billion which included a non-cash inventory step-up of $170.5 million. For the three and six months ended July 3, 2010, $117.7 million and $159.3 million, respectively, of this inventory step-up was amortized and recognized as cost of sales in the consolidated statement of operations as the acquired inventory was sold.

- 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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