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Inventories

6 Months Ended

Jun. 30, 2014

2. INVENTORIES

We state our inventories at the lower of cost or market. The cost of our inventories is determined using the FIFO method. When we determine that our gross inventories exceed usage requirements, or if inventories become obsolete or otherwise not saleable, we record a provision for such loss as a component of our inventory accounts.

Inventories consist of the following:



	June 30, 2014			December 31, 2013
	(in millions)

Raw materials and work-in-progress	$	252.0		$	263.4
Finished goods	31.5			25.7
Gross inventories	283.5			289.1
Inventory valuation reserves	(27.8		)	(27.3		)
Inventories, net	$	255.7		$	261.8

- 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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