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Inventories

6 Months Ended

Jun. 30, 2011

Inventories

(10)

Inventories

Inventories are comprised of the following:


		At December 31, 2010				At June 30, 2011
		(Dollars in thousands)
Inventories:
Raw materials and supplies		$	118,691			$	173,166
Work in process			160,368				168,685
Finished goods			64,075				63,901

			343,134				405,752
Reserves			(2,716	)			(3,710	)

		$	340,418			$	402,042

We recognize abnormal amounts of idle facility expense, freight, handling costs, and wasted materials (spoilage) as current period charges. We are required to allocate fixed production overheads to the costs of conversion based on normal capacity of the production facilities. The unabsorbed costs were attributable to adjustments of fixed production overheads to the costs of conversion based on normal capacity versus actual levels, due to production levels at certain facilities being below normal capacity for the quarters ended June 30, 2010 and 2011. Costs in excess of normal absorption at December 31, 2010 and June 30, 2011 were $1.4 million and $0.5 million, respectively.

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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