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Inventories

3 Months Ended

Mar. 31, 2012

9. Inventories

Inventories consist of the following:

(in thousands)	March 31, 2012	December 31, 2011

Finished goods	$63,131	$63,328
Work in process	45,938	39,552
Raw material and supplies	29,230	30,769
Total inventories	$138,299	$133,649

Inventories are stated at the lower of cost or market and are valued at average cost, net of reserves. We record a provision for obsolete inventory based on the age and category of the inventories.

- 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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