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Inventories

6 Months Ended

Jun. 30, 2012

5. Inventories

The components of inventories are as follows:


	June 30, 2012			December 31, 2011
(In thousands)				(Audited)
Raw materials	$	123,548		$	126,489
Work in process		8,570			7,610
Finished goods		76,674			74,391
Supplies and materials		117,029			115,541

Inventories at FIFO or average cost		325,821			324,031
Excess of FIFO or average cost over LIFO cost		(67,201	)		(69,356	)

Inventories, net	$	258,620		$	254,675

An actual valuation of inventory under the LIFO method is made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must necessarily be based on management’s estimates of expected year-end inventory levels and costs. Because these are subject to many factors beyond management’s control, interim results are subject to the final year-end LIFO inventory valuation.

- 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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