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Inventories

3 Months Ended

Mar. 31, 2013

7. Inventories

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

	March 31,		December 31,
	2013		2012
Gross inventories at FIFO:
Finished goods	$	34,523	$	26,751
Work in progress		33,615		31,136
Raw materials & component parts		197,644		185,739
Maintenance, tooling & supplies		16,028		14,864
Total gross inventories at FIFO		281,810		258,490
Less reserves:
LIFO		35,854		34,954
Valuation		5,049		5,061
Total inventories as reported	$	240,907	$	218,475

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 $128.7 million and $120.7 million at March 31, 2013 and December 31, 2012, 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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