Inventories

6 Months Ended

Jun. 30, 2011

6. Inventories

Inventories used in determining cost of sales were as follows (in thousands of dollars):

	June 30,		December 31,
	2011		2010
Gross inventories @ FIFO:
Finished goods	$	8,075	$	7,757
Work in progress		35,663		26,680
Raw materials & component parts		122,692		99,440
Maintenance, tooling & supplies		15,226		14,156
Total gross inventories @ FIFO		181,656		148,033
Less reserves:
LIFO		31,458		28,776
Valuation		2,661		2,383
Total inventories as reported	$	147,537	$	116,874

Gross inventories on a first in, first out (“FIFO”) basis before adjustments for reserves shown above that were accounted for on a last in, first out (“LIFO”) basis were $105.7 million and $80.9 million at June 30, 2011 and December 31, 2010, 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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