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Inventories

6 Months Ended

Jan. 31, 2012

Note C – Inventories

The components of inventory as of January 31, 2012 and July 31, 2011 are as follows (thousands of dollars):


	January 31, 2012		July 31, 2011
Materials	$	112,153	$	110,466
Work in process		34,524		33,917
Finished products		123,535		127,093
Total inventories	$	270,212	$	271,476

As of January 31, 2012 and July 31, 2011, the Company had obsolete inventory reserves of $13.7 million and $14.5 million, respectively.

- 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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