Note 1 - Formation and Background Note 2 - Summary of Significant Accounting Policies Note 3 - Change in Accounting Principle Note 4 - Acquisitions Note 5 - Fair Value of Financial Instruments Note 6 - Accounts Receivable Note 7 - Inventories Note 8 - Other Current Assets Note 9 - Property, Plant and Equipment Note 10 - Goodwill and Other Intangible Assets Note 11 - Accounts Payable Note 12 - Accrued and Other Current Liabilities Note 13 - Debt Note 14 - Commitments and Contingencies Note 15 - Stockholders' Equity Note 16 - Earnings Per Share Note 17 - Income Taxes Note 18 - Retirement Benefits Note 19 - Stock and Other Plans Note 20 - Restructuring and Other Charges Note 21 - Segment and Geographical Financial Information Note 22 - Related Parties Note 23 - Subsequent Events Note 24 - Accounting Pronouncements Note 25 - Unaudited Quarterly Financial Information NOTE 7 INVENTORIES The following is a summary of inventories by major category at December 31 (in millions): The value of inventory maintained using the LIFO method was $177.9 million and $150.9 million as of December 31, 2002 and 2001, respectively, which was below estimated replacement cost by approximately $33.6 million and $30.8 million for the years ended December 31, 2002 and 2001, respectively. The value of inventory maintained using the FIFO method was $89.9 million and $110.5 million as of December 31, 2002 and 2001, respectively.