2. Working Capital

Working capital totaled $176.8 million at November 30, 2011 compared to $249.2 million at May 31, 2011. Selected components of working capital are summarized below.

Receivables consist of:


		November 30,			May 31,
In thousands		2011			2011

Trade notes and accounts receivable	$		81,616	$		84,406
Other			762			1,411

	$		82,378	$		85,817

Trade notes and accounts receivable are presented net of allowances for doubtful receivables of $3.9 million at November 30, 2011 and $3.9 million at May 31, 2011. Provisions for bad debts charged to expense were $0.2 million and $1.4 million in the six-month periods ended November 30, 2011 and November 30, 2010, respectively. Uncollectible accounts written off totaled $0.2 million and $1.6 million in the six-month periods ended November 30, 2011 and November 30, 2010, respectively.

Inventories consist of:


		November 30,			May 31,
In thousands		2011			2011

Finished products	$		8,384	$		9,627
Work in process			35,579			44,391
Raw materials			12,888			15,215

Total inventories at LIFO cost			56,851			69,233

Finished products			22,445			23,427
Raw materials			114			272
Parts and supplies			48,744			47,714

Total inventories at average cost			71,303			71,413

Total inventories	$		128,154	$		140,646

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 $42.9 million at November 30, 2011 and $44.6 million at May 31, 2011.

Accrued interest, compensation and other consist of:


		November 30,			May 31,
In thousands		2011			2011

Interest	$		17,796	$		17,827
Compensation and employee benefits			16,116			13,536
Casualty insurance claims			12,129			15,740
Income taxes			3,814			3,723
Property taxes and other			13,974			8,022

	$		63,829	$		58,848