Notes to CoNsolidated FiNaNCial statemeNts NOTE 4 – ACCuMulATEd OTHEr COMPrEHENsIvE lOss Accumulated other comprehensive loss consisted of the following for the years ended December 31: 2011 2010 Foreign currency translation adjustments $ 38.5 $ 87.0 Pension and postretirement benefits adjustments, net of tax  (928.3)  (710.1) Unrealized gain on marketable securities, net of tax  0.6   –  Adjustments to fair value of open foreign currency cash flow hedges, net of tax  (0.3)  (1.6) Accumulated other comprehensive loss $ (889.5) $ (624.7) 2011 2010 Inventories, net:  Manufacturing supplies  $ 65.7 $ 57.9 Work in process and raw materials   429.9   371.9  Finished products   468.8   398.7  Total Inventories, net  $ 964.4 $ 828.5 2011 2010 Property, Plant and Equipment: Land and buildings  $ 637.3 $ 623.2 Machinery and equipment   2,952.1   2,830.8  Subtotal  3,589.4   3,454.0  Less allowances for depreciation   (2,280.5)  (2,186.3) Property, Plant and Equipment, net $ 1,308.9  $ 1,267.7 Total depreciation expense was $178.5 million, $179.6 million and $188.7 million in 2011, 2010 and 2009, respectively. At December  31, 2011 and 2010, property, plant and equipment – net included $90.5 million and $99.7 million, respectively, of capitalized software.  Depreciation expense for capitalized software was $21.7 million, $18.0 million and $17.8 million in 2011, 2010 and 2009, respectively. The components of property, plant and equipment, net at December 31, 2011 and 2010 were as follows: The Company recognized an increase in its LIFO reserve of $23.1 million during 2011 compared to an increase in its LIFO reserve of  $26.9 million during 2010. The increase in the LIFO reserve recognized during 2011 was due to higher costs and quantities of inventory  on hand. Inventories valued on the LIFO cost method were 55% and the remaining 45% were valued by the FIFO method. If all inventories  had been valued at FIFO, inventories would have been $287.7 million and $264.6 million greater at December 31, 2011 and 2010,  respectively. The components of inventories at December 31, 2011 and 2010 were as follows: NOTE 5 – INvENTOrIEs NOTE 6 – PrOPErTY, PlANTANd EquIPMENT 54 THE TIMKEN COMPANY