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INVENTORIES

6 Months Ended

Jun. 30, 2012

INVENTORIES

(6) INVENTORIES

Inventories comprised the following amounts:

		June 30, 2012			December 31, 2011
Finished goods		$	179.0		$	163.9
Work in process		169.9			179.5
Raw material and purchased parts		288.5			271.5
Total FIFO cost		637.4			614.9
Excess of FIFO cost over LIFO inventory value		(24.3		)	(23.0		)
Total inventories		$	613.1		$	591.9

Inventories include material, labor, and factory overhead costs and are reduced, when necessary, to estimated realizable values. Certain domestic inventories are valued using the last-in, first-out (“LIFO”) method. These inventories were approximately 18% and 15% of the total inventory at June 30, 2012 and December 31, 2011, respectively. Other inventories are valued using the first-in, first-out (“FIFO”) method. Progress payments, which are netted against work in process, were $3.5 and $3.7 at June 30, 2012 and December 31, 2011, respectively.

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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