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Inventories

12 Months Ended

Dec. 31, 2014

Inventory Disclosure [Abstract]

Inventories

NOTE 3 – INVENTORIES:


		2014				2013
Raw materials		$	15,076			$	17,411
Work-in-progress			20,544				29,322
Finished goods			8,201				5,894
Supplies			10,892				11,502
		$	54,713			$	64,129

At December 31, 2014 and 2013, approximately 52% and 56%, respectively, of the inventories was valued using the LIFO method. The LIFO reserve approximated $(23,299) and $(26,404) at December 31, 2014 and 2013, respectively. During each of the years, inventory quantities decreased resulting in a liquidation of LIFO layers which were at lower costs. The effect of the liquidations was to decrease costs of products sold (excluding depreciation) by approximately $2,196, $1,803 and $277 for 2014, 2013 and 2012, respectively, which reduced net loss by approximately $1,427 or $0.14 per common share for 2014 and increased net income by approximately $1,172 or $0.11 per common share for 2013 and $180 or $0.02 per common share for 2012.

- 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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