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Inventories

12 Months Ended

Dec. 31, 2012

(4) Inventories

Inventories used in determining cost of sales were as follows at December 31:

(Thousands of dollars)	2012		2011

Gross inventories at FIFO:
Finished goods	$	26,751	$	11,914
Work in progress		31,136		27,749
Raw materials and component parts		185,739		144,731
Maintenance, tooling and supplies		14,864		17,001
Total gross inventories at FIFO		258,490		201,395
Less reserves:
LIFO		34,954		32,103
Valuation		5,061		3,144
Total inventories as reported	$	218,475	$	166,148

Gross inventories on a FIFO basis shown above that were accounted for on a LIFO basis were $120.7 million and $97.9 million at December 31, 2012 and 2011, 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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