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Inventories

12 Months Ended

Dec. 31, 2012

Inventories on the Consolidated Balance Sheets are summarized as follows:



	December 31,
(Thousands)	2012		2011
Principally average cost:
Raw materials and supplies	$	42,751	$	42,969
Work in process	203,179		179,445
Finished goods	51,094		57,645
Gross inventories	297,024		280,059
Excess of average cost over LIFO inventory value	90,899		92,883
Net inventories	$	206,125	$	187,176

Average cost approximates current cost. Gross inventories accounted for using the LIFO method totaled $195.7 million at December 31, 2012 and $183.7 million at December 31, 2011. The use of the LIFO method results in a better matching of revenue and costs. The liquidation of LIFO inventory layers reduced cost of sales by $0.5 million in 2012 and $0.2 million in 2011.

- 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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