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Inventories

6 Months Ended

Jun. 30, 2014

Inventories are comprised of the following:



	As of December 31, 2013			As of June 30, 2014
	(Dollars in thousands)
Inventories:
Raw materials and supplies	$	184,420		$	168,232
Work in process	245,160			222,281
Finished goods	78,446			85,785
	508,026			476,298
Reserves	(17,612		)	(25,877		)
Total	$	490,414		$	450,421

Additions to the reserve during the second quarter of 2014 included $10.6 million related to the Engineered Solutions rationalization initiatives discussed in Note 2.

- 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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