XML 155 R10.htm IDEA: XBRL DOCUMENT

Inventories

12 Months Ended

Dec. 31, 2011

NOTE 3: INVENTORIES

Inventories at December 31 are as follows:


in thousands	*2011*		2010

Inventories
Finished products	$	260,732		$254,840
Raw materials		23,819		22,222
Products in process		4,198		6,036
Operating supplies and other		38,908		36,747
Total	$	327,657		$319,845

In addition to the inventory balances presented above, as of December 31, 2011 and December 31, 2010, we have $19,726,000 and $16,786,000, respectively, of inventory classified as long-term assets (Other noncurrent assets) as we do not expect to sell the inventory within one year. Inventories valued under the LIFO method total $251,978,000 at December 31, 2011 and $241,898,000 at December 31, 2010. During 2011, 2010 and 2009, inventory reductions resulted in liquidations of LIFO inventory layers carried at lower costs prevailing in prior years as compared to current-year costs. The effect of the LIFO liquidation on 2011 results was to decrease cost of goods sold by $1,288,000 and increase net earnings by $776,000. The effect of the LIFO liquidation on 2010 results was to decrease cost of goods sold by $2,956,000 and increase net earnings by $1,763,000. The effect of the LIFO liquidation on 2009 results was to decrease cost of goods sold by $3,839,000 and increase net earnings by $2,273,000.

Estimated current cost exceeded LIFO cost at December 31, 2011 and 2010 by $140,335,000 and $123,623,000, respectively. We use the LIFO method of valuation for most of our inventories as it results in a better matching of costs with revenues. We provide supplemental income disclosures to facilitate comparisons with companies not on LIFO. The supplemental income calculation is derived by tax-effecting the change in the LIFO reserve for the periods presented. If all inventories valued at LIFO cost had been valued under the methods (substantially average cost) used prior to the adoption of the LIFO method, the approximate effect on net earnings would have been an increase of $10,050,000 in 2011, a decrease of $3,890,000 in 2010 and an increase of $2,043,000 in 2009.

- 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.

+ References+ Details