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Change in Accounting Principle; Inventories (Tables) | 3 Months Ended
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Mar. 31, 2014
Change in Accounting Principle [Abstract] |
Effect of Change on Consolidated Statement of Income and Comprehensive Income | Certain components of our financial statements affected by the change in valuation methodology as originally reported under the LIFO method and as adjusted for the change to the average cost method are as follows (in thousands, except per share data):
|  | Three Months Ended
|  | March 31, 2013
Consolidated Statement of Income and Comprehensive Income |  | As Previously Reported (a) |  | Effect of Change |  | As Adjusted
Cost of sales |  | $ | (572,715 | ) |  | $ | 2,754 |  |  | $ | (569,961 | )
Gross profit |  | 182,492 |  |  | 2,754 |  |  | 185,246 |
Income from operations |  | 103,246 |  |  | 2,754 |  |  | 106,000 |
Income before taxes |  | 93,995 |  |  | 2,754 |  |  | 96,749 |
Provision for income taxes |  | (33,382 | ) |  | (1,073 | ) |  | (34,455 | )
Net income |  | 60,613 |  |  | 1,681 |  |  | 62,294 |
Comprehensive income |  | 63,371 |  |  | 1,681 |  |  | 65,052 |
Net income per common share |  |  |  |  |  |
Basic |  | 0.63 |  |  | 0.02 |  |  | 0.65 |
Diluted |  | 0.62 |  |  | 0.02 |  |  | 0.64 |
Effect of Change on Consolidated Balance Sheet |
|  | December 31, 2013
Consolidated Balance Sheet |  | As Previously Reported |  | Effect of Change |  | As Adjusted
Inventories |  | $ | 522,523 |  |  | $ | 71,768 |  |  | $ | 594,291 |
Deferred income tax assets |  | 75,579 |  |  | (27,963 | ) |  | 47,616 |
Retained earnings |  | 975,296 |  |  | 43,805 |  |  | 1,019,101 |
Effect of Change on Consolidated Statement of Cash Flows |
|  | Three Months Ended
|  | March 31, 2013
Consolidated Statement of Cash Flows |  | As Previously Reported |  | Effect of Change |  | As Adjusted
Net income |  | $ | 60,613 |  |  | $ | 1,681 |  |  | $ | 62,294 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Deferred income tax provision (benefit) |  | (877 | ) |  | 1,073 |  |  | 196 |
Change in inventories |  | (1,414 | ) |  | (2,754 | ) |  | (4,168 | )
Components of Inventories | The components of inventories are as follows (dollars in thousands):
| March 31, 2014 |  | December 31, 2013
Raw materials | $ | 239,034 |  |  | $ | 212,027 |
Work in process | 12,453 |  |  | 13,898 |
Finished goods | 195,097 |  |  | 209,972 |
Supplies and materials | 160,722 |  |  | 158,394 |
Inventories | $ | 607,306 |  |  | $ | 594,291 |

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- Definition Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 2 -Paragraph 6 -Subparagraph a,b,c -Article 5 + Details
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