XML 61 R14.htm IDEA: XBRL DOCUMENT

Inventories

3 Months Ended

Feb. 28, 2013

Inventories are stated at the lower of cost or market value. All U.S. inventories are valued using the last-in, first-out (“LIFO”) method and represented approximately $68.9 million or 49.3% and $71.4 million or 52.2% of inventories at February 28, 2013 and November 30, 2012, respectively. The remaining portion of inventories (which are located outside of the U.S.) are valued using the first-in, first-out (“FIFO”) or average cost method. Interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to final year-end LIFO inventory valuations.



(Dollars in millions)	February 28, 2013			November 30, 2012
Raw materials and supplies	$	48.6		$	48.6
Work-in-process	7.8			6.4
Finished products	83.5			81.8
Acquired cost of inventories	139.9			136.8
Excess of acquired cost over LIFO cost	(28.4		)	(29.9		)
Obsolescence reserves	(10.3		)	(10.7		)
Net Inventories	$	101.2		$	96.2

- 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.

+ References+ Details