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Inventories

3 Months Ended

Mar. 31, 2015

6.	INVENTORIES

The composition of inventories was as follows:

(In thousands)	March 31, 2015		December 31, 2014
Finished products	$	120,166	$	126,157
Raw materials		52,002		57,076
Total inventories	$	172,168	$	183,233

Inventories are priced primarily using the last-in, first-out inventory valuation method. If the first-in, first-out inventory valuation method had been used for all inventories, inventory balances would have been approximately $32,825,000 and $34,340,000 higher than reported at March 31, 2015, and December 31, 2014, 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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