Working Capital

Working capital totaled $182.5 million at February 28, 2013 compared to $218.3 million at May 31, 2012. Selected components of working capital are summarized below.

Receivables consist of:



	February 28,		May 31,
In thousands	2013		2012
Trade notes and accounts receivable	$	97,593	$	97,621
Other	865		1,215
	$	98,458	$	98,836

Trade notes and accounts receivable are presented net of allowances for doubtful receivables of $2.9 million at February 28, 2013 and $2.5 million at May 31, 2012. Provisions for bad debts charged to expense were $0.9 million and $1.2 million in the nine-month periods ended February 28, 2013 and February 29, 2012, respectively. Uncollectible accounts written off totaled $0.5 million and $0.3 million in the nine-month periods ended February 28, 2013 and February 29, 2012, respectively.

Inventories consist of:



	February 28,		May 31,
In thousands	2013		2012
Finished products	$	5,111	$	7,664
Work in process	11,923		12,505
Raw materials	16,638		9,449
Total inventories at LIFO cost	33,672		29,618
Finished products	21,475		23,451
Raw materials	143		229
Parts and supplies	44,992		46,143
Total inventories at average cost	66,610		69,823
Total inventories	$	100,282	$	99,441

All inventories are stated at the lower of cost or market. Finished products, work in process and raw material inventories, excluding natural aggregate inventories, are valued using the last-in, first-out (“LIFO”) method. Natural aggregate finished products and raw material inventories and parts and supplies inventories are valued using the average cost method. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation. If the average cost method (which approximates current replacement cost) had been used for all of these inventories, inventory values would have been higher by $20.5 million at February 28, 2013 and $22.7 million at May 31, 2012.

Accrued interest, compensation and other consist of:



	February 28,		May 31,
In thousands	2013		2012
Interest	$	2,767	$	17,810
Compensation and employee benefits	19,017		18,103
Casualty insurance claims	16,142		14,004
Income taxes	4,890		4,500
Property taxes and other	5,318		6,900
	$	48,134	$	61,317