Inventories and natural gas in storage

3 Months Ended

Mar. 31, 2023

Natural gas in storage for the Company's regulated operations is generally valued at lower of cost or market using the last-in, first-out method or lower of cost or net realizable value using the average cost or first-in, first-out method. The majority of all other inventories are valued at the lower of cost or net realizable value using the average cost method. Inventories include production costs incurred as part of the Company's aggregate mining activities. These inventoriable production costs include all mining and processing costs associated with the production of aggregates. Stripping costs incurred during the production phase, which represent costs of removing overburden and waste materials to access mineral deposits, are a component of inventoriable production costs. The portion of the cost of natural gas in storage expected to be used within 12 months was included in inventories. Inventories on the Consolidated Balance Sheets were as follows:


	March 31, 2023		March 31, 2022		December 31, 2022
	(In thousands)
Aggregates held for resale	$	207,564	$	195,489	$	199,110
Asphalt oil	101,271		93,816		68,609
Materials and supplies	45,310		35,967		40,056
Merchandise for resale	42,603		33,393		40,296
Natural gas in storage (current)	8,662		10,801		22,533
Other	20,424		10,850		16,921
Total	$	425,834	$	380,316	$	387,525

The remainder of natural gas in storage, which largely represents the cost of gas required to maintain pressure levels for normal operating purposes, was included in noncurrent assets - other and was $47.4 million at March 31, 2023 and $47.5 million at both March 31, 2022 and December 31, 2022.