XML 88 R16.htm IDEA: XBRL DOCUMENT

INVENTORIES

6 Months Ended

Jun. 30, 2013

We value the majority of our inventories under the last-in, first-out (“LIFO”) method and the remaining inventories at the lower of first-in, first-out (“FIFO”) cost or market. Inventories were as follows:



	June 30, 2013			December 31, 2012
In thousands of dollars
Raw materials	$	257,594		$	256,969
Goods in process	101,950			78,292
Finished goods	572,768			496,981
Inventories at FIFO	932,312			832,242
Adjustment to LIFO	(153,324		)	(198,980		)
Total inventories	$	778,988		$	633,262

The increase in goods in process inventories as of June 30, 2013 was principally the result of higher levels of cocoa products needed to support manufacturing requirements. Finished goods inventories were higher as of June 30, 2013 primarily due to increases to support anticipated sales levels of everyday and seasonal items. The change in the adjustment to LIFO amount from December 31, 2012 to June 30, 2013 was primarily due to lower ingredient costs in 2013.

- 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