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Note 2 - Inventories

12 Months Ended

Dec. 31, 2012

Note 2 — Inventories

Inventories consisted of the following items at December 31:



(In thousands)	2012		2011

Raw materials and components:
Drilling fluids	$	208,580	$	174,659
Mats		754		623
Total raw materials and components		209,334		175,282

Finished goods- mats		400		647
Total	$	209,734	$	175,929

The increase in inventory during 2012 includes a $20.8 million increase in U.S. barite ore inventory, a key raw material in our drilling fluids systems.

- 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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