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Inventories

12 Months Ended

Dec. 31, 2014

5. Inventories

The composition of inventories was as follows:

	December 31
(In thousands)	2014		2013
Finished products	$	126,157	$	123,211
Raw materials		57,076		49,156
Total inventories	$	183,233	$	172,368

Inventories are primarily priced using the last-in, first-out (LIFO) inventory valuation method. If the first-in, first-out (FIFO) inventory valuation method had been used for all inventories, inventory balances would have been approximately $34,340,000 and $30,786,000 higher than reported at December 31, 2014 and 2013, 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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