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Inventories

12 Months Ended

Dec. 31, 2011

3.	INVENTORIES

Inventories (at LIFO value) consist of the following as of December 31 (in thousands):


	2011			2010
Finished goods	$	29,980		$	29,983
Raw materials		27,134			27,589

Total FIFO inventories		57,114			57,572
Reserve to adjust inventories to LIFO value		(28,218	)		(28,551	)

Total LIFO inventories	$	28,896		$	29,021

Inventory is stated at the lower of LIFO cost or net realizable value. The Company periodically reviews its inventory for slow moving or obsolete items and writes down the related products to estimated net realizable value.

During the year ended December 31, 2009, due to the liquidation of inventories, a portion of the Company's cost of sales is based on prior year costs rather than current year costs. As a result, the Company recognized a benefit of $3.4 million in 2009. The effect of the liquidation of inventories in 2011 and 2010 on the Company's cost of sales was immaterial.

- 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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