Working Capital

Working capital totaled $187.3 million at May 31, 2013 compared to $218.3 million at May 31, 2012. Selected components of working capital are summarized below.

Receivables consist of:



In thousands	2013		2012
Trade notes and accounts receivable	$	126,070	$	97,621
Other	852		1,215
	$	126,922	$	98,836

Trade notes and accounts receivable are presented net of allowances for doubtful receivables of $2.3 million at May 31, 2013 and $2.5 million at May 31, 2012. Provisions for bad debts charged to expense were $1.0 million in 2013, $0.5 million in 2012 and $3.3 million in 2011.

Inventories consist of:



In thousands	2013		2012
Finished products	$	5,267	$	7,664
Work in process	8,630		12,505
Raw materials	20,090		9,449
Total inventories at LIFO cost	33,987		29,618
Finished products	21,836		23,451
Raw materials	378		229
Parts and supplies, and other	48,853		46,143
Total inventories at average cost	71,067		69,823
Total inventories	$	105,054	$	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, parts and supplies inventories, and emission allowance credits are valued using the average cost method. 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 $20.7 million in 2013 and $22.7 million in 2012. During each of three years ended May 31, 2013 certain inventory quantities were reduced, which resulted in liquidations of LIFO inventory layers carried at lower costs prevailing in prior years. The effect of the liquidations was to decrease cost of products sold by approximately $1.3 million in 2013, $3.9 million in 2012, $.3 million 2011.

Accrued interest, compensation and other consist of:



In thousands	2013		2012
Interest	$	17,801	$	17,810
Compensation and employee benefits	15,439		18,103
Casualty insurance claims	15,890		14,004
Income taxes	4,666		4,500
Property taxes and other	8,540		6,900
	$	62,336	$	61,317