Working Capital

Working capital totaled $203.7 million at August 31, 2013 compared to $187.3 million at May 31, 2013. Selected components of working capital are summarized below.

Receivables consist of:



	August 31,		May 31,
In thousands	2013		2013
Trade notes and accounts receivable	$	140,903	$	126,070
Other	1,129		852
	$	142,032	$	126,922

Trade notes and accounts receivable are presented net of allowances for doubtful receivables of $3.1 million at August 31, 2013 and $2.3 million at May 31, 2013. Provisions for bad debts charged to expense was $0.9 million and $0.1 million in the three-month periods ended August 31, 2013 and 2012, respectively. Uncollectible accounts written off totaled less than $0.1 million in each of the three-month periods ended August 31, 2013 and 2012.

Inventories consist of:



	August 31,		May 31,
In thousands	2013		2013
Finished products	$	5,759	$	5,267
Work in process	11,194		8,630
Raw materials	19,802		20,090
Total inventories at LIFO cost	36,755		33,987
Finished products	20,398		21,836
Raw materials	332		378
Parts and supplies	50,193		48,853
Total inventories at average cost	70,923		71,067
Total inventories	$	107,678	$	105,054

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, which includes emission allowance credits, 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 $20.7 million at August 31, 2013 and May 31, 2013.

Accrued interest, compensation and other consists of:



	August 31,		May 31,
In thousands	2013		2013
Interest	$	2,755	$	17,801
Compensation and employee benefits	13,185		15,439
Casualty insurance claims	16,304		15,890
Income taxes	4,792		4,666
Property taxes and other	12,505		8,540
	$	49,541	$	62,336