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Inventories

6 Months Ended

Jun. 30, 2013

The components of inventories as of June 30, 2013 and December 31, 2012 are summarized as follows:



(in millions)	June 30, 2013			December 31, 2012
Inventories — gross:
Raw materials	$	237.5		$	231.1
Work-in-process	190.1			149.7
Finished goods	495.4			437.6
Total inventories — gross	923.0			818.4
Excess and obsolete inventory reserve	(71.4		)	(74.2		)
Net inventories at FIFO cost	851.6			744.2
Excess of FIFO costs over LIFO value	(35.7		)	(36.6		)
Inventories — net	$	815.9		$	707.6

- 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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