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Inventories

9 Months Ended

Sep. 30, 2013

Note 3. Inventories

Inventories are stated at lower of cost or market. Cost is determined using a weighted average method for scrap, and a first-in, first-out basis for all other inventories. Inventories consisted of the following (in thousands):

	September 30,		December 31,
	2013		2012
Raw materials	$	583,335	$	594,388
Supplies	280,841		278,494
Work-in-progress	97,508		82,934
Finished goods	230,348		246,691
Total inventories	$	1,192,032	$	1,202,507

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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