Change in Accounting Principle; Inventories (Tables)

3 Months Ended

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