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Inventories
12 Months Ended
Dec. 31, 2013
Inventories  
Inventories

Note 3

Inventories

The following table is a summary of inventories at the end of each year:

 

 

 

December 31,

 

(Thousands of dollars)

 

2013

 

2012

 

At lower of LIFO cost or market:

 

 

 

 

 

Live hogs and materials

 

$

207,310

 

$

258,638

 

Fresh pork and materials

 

33,485

 

31,495

 

 

 

240,795

 

290,133

 

LIFO adjustment

 

(62,236

)

(90,730

)

Total inventories at lower of LIFO cost or market

 

178,559

 

199,403

 

At lower of FIFO cost or market:

 

 

 

 

 

Grains, oilseeds and other commodities

 

299,229

 

317,573

 

Sugar produced and in process

 

53,325

 

65,986

 

Other

 

74,289

 

73,606

 

Total inventories at lower of FIFO cost or market

 

426,843

 

457,165

 

Grain, flour and feed at lower of weighted average cost or market

 

93,596

 

100,296

 

 Total inventories

 

$

698,998

 

$

756,864

 

 

The use of the LIFO method increased 2013 net earnings by $17,381,000 ($14.56 per common share) and decreased 2012 and 2011 net earnings by $20,098,000 ($16.70 per common share) and $20,556,000 ($16.92 per common share), respectively. If the FIFO method had been used for certain inventories of the Pork segment, inventories would have been higher by $62,236,000 and $90,730,000 as of December 31, 2013 and 2012, respectively.