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INVENTORIES

12 Months Ended

Dec. 31, 2011

C. INVENTORIES


(Millions of Dollars)	2011		2010
Finished products	$	1,043.1	$	909.8
Work in process		147.7		116.4
Raw materials		247.8		235.8

Total	$	1,438.6	$	1,262.0

Net inventories in the amount of $504.4 million at December 31, 2011 and $516.6 million at January 1, 2011 were valued at the lower of LIFO cost or market. If the LIFO method had not been used, inventories would have been $75.2 million higher than reported at December 31, 2011 and $67.0 million higher than reported at January 1, 2011. During 2010, inventory quantities increased due to the Merger and resulting addition of Black & Decker inventories ($1.1 billion) resulting in an increment at January 1, 2011.

- 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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