Working Capital

Working capital totaled $190.9 million at November 30, 2013 compared to $187.3 million at May 31, 2013. Selected components of working capital are summarized below.

Receivables-net consist of:



	November 30,		May 31,
In thousands	2013		2013
Trade notes and accounts receivable	$	120,904	$	126,070
Other	1,478		852
	$	122,382	$	126,922

Trade notes and accounts receivable are presented net of allowances for doubtful receivables of $3.1 million at November 30, 2013 and $2.3 million at May 31, 2013. Provisions for bad debts charged to expense was $1.0 million and $0.4 million in the six-month periods ended November 30, 2013 and 2012, respectively. Uncollectible accounts written off totaled $0.2 million in each of the six-month periods ended November 30, 2013 and 2012, respectively.

Inventories consist of:



	November 30,		May 31,
In thousands	2013		2013
Finished products	$	7,171	$	5,267
Work in process	9,534		8,630
Raw materials	20,478		20,090
Total inventories at LIFO cost	37,183		33,987
Natural aggregate finished products	22,077		21,836
Raw materials	406		378
Parts and supplies	52,891		48,853
Total inventories at average cost	75,374		71,067
Total inventories	$	112,557	$	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 $21.0 million at November 30, 2013 and $20.7 million at May 31, 2013.

Accrued interest, compensation and other consists of:



	November 30,		May 31,
In thousands	2013		2013
Interest	$	17,796	$	17,801
Compensation and employee benefits	16,563		15,439
Casualty insurance claims	16,301		15,890
Income taxes	5,382		4,666
Property taxes and other	16,155		8,540
	$	72,197	$	62,336