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Inventories

12 Months Ended

Dec. 31, 2011

Note 3—Inventories


	December 31
(In thousands)	2011		2010
Finished products	$	65,687	$	71,743
Work in process		17,000		16,494
Raw materials and supplies		58,788		62,344

Total inventories		141,475		150,581
Excess of FIFO costs over LIFO costs		47,368		45,820

Total FIFO inventories		188,843		196,401

Inventories stated on the LIFO basis represent 18% and 22% of total inventories at December 31, 2011 and 2010, respectively.

Reductions in certain inventory quantities during the years ended December 31, 2011 and 2010 resulted in liquidations of LIFO inventories carried at lower costs prevailing in prior years. The effect of LIFO liquidations during 2011 reduced cost of sales by $0.5 million and increased net income by $0.3 million. The effect of LIFO liquidations during 2010 was not significant.

- 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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