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Inventories

3 Months Ended

Mar. 31, 2013

Inventories consist of:



	March 31, 2013			December 31, 2012
Leaf tobacco	$	53,389		$	59,130
Other raw materials	4,573			3,151
Work-in-process	551			210
Finished goods	67,046			64,396
Inventories at current cost	125,559			126,887
LIFO adjustments	(27,057		)	(26,495		)
	$	98,502		$	100,392

The Company has a leaf inventory management program whereby, among other things, it is committed to purchase certain quantities of leaf tobacco. The purchase commitments are for quantities not in excess of anticipated requirements and are at prices, including carrying costs, established at the commitment date. At March 31, 2013, Liggett had tobacco purchase commitments of approximately $32,976.

All of the Company's inventories at March 31, 2013 and December 31, 2012 have been reported under the LIFO method.

- 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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