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Inventories

12 Months Ended

Dec. 31, 2011

(4) Inventories

Inventories used in determining cost of sales were as follows:

(Thousands of dollars)	2011		2010

Gross inventories @ FIFO:
Finished goods	$	11,914	$	7,757
Work in progress		27,749		26,680
Raw materials & component parts		144,731		99,440
Maintenance, tooling & supplies		17,001		14,156
Total gross inventories @ FIFO		201,395		148,033
Less reserves:
LIFO		32,103		28,776
Valuation		3,144		2,383
Total inventories as reported	$	166,148	$	116,874

Gross inventories on a FIFO basis shown above that were accounted for on a LIFO basis were $97.9 million and $80.9 million at December 31, 2011 and 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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