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Inventories

3 Months Ended

Mar. 31, 2013

Inventories valued at LIFO cost represented 58% and 56% of total inventory at March 31, 2013 and December 31, 2012, respectively. The excess of current cost over LIFO valued inventories was $8,975,000 at March 31, 2013 and December 31, 2012. Inventory obsolescence reserves were $8,663,000 at March 31, 2013 and $9,099,000 at December 31, 2012. The decrease in reserve for obsolescence resulted from the Company's quarterly review in the normal course of business. Net inventories consist of the following:



(in thousands)	March 31, 2013			December 31, 2012

Finished goods		$	94,225		$	93,095
Work in process		9,234			7,922
Raw materials		14,765			7,741
		$	118,224		$	108,758

An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO must necessarily be based, to some extent, on management's estimates at each quarter end.

- 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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