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Change in Accounting Principle: Inventories | 6 Months Ended
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Jun. 30, 2014
Inventory Disclosure [Abstract] |
Change in Accounting Principle | Change in Accounting Principle: Inventories Effective January 1, 2014, the Company elected to change its method of accounting for certain inventories from lower of cost, as determined by the LIFO method, or market, to lower of cost, as determined by the average cost method, or market. Had the Company not made this change in accounting method, "Net income" for the three and six months ended June 30, 2014, would have been $1.5 million and $2.9 million, respectively, higher than reported in the Consolidated Statements of Income and "Inventories" at June 30, 2014, would have been $67.0 million lower than reported in the Consolidated Balance Sheets. We applied this change in method of inventory costing retrospectively to all prior periods presented in accordance with U.S. generally accepted accounting principles relating to accounting changes. As a result of the retrospective change in accounting principle, opening retained earnings as of January 1, 2013, increased $38.8 million. 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 June 30, 2013 |  | Six Months Ended June 30, 2013
Consolidated Statements of Income and Comprehensive Income |  | As Previously Reported (a) |  | Effect of Change |  | As Adjusted |  | As Previously Reported (a) |  | Effect of Change |  | As Adjusted
Cost of sales |  | $ | (607,907 | ) |  | $ | 2,927 |  |  | $ | (604,980 | ) |  | $ | (1,180,622 | ) |  | $ | 5,681 |  |  | $ | (1,174,941 | )
Gross profit |  | 192,323 |  |  | 2,927 |  |  | 195,250 |  |  | 374,815 |  |  | 5,681 |  |  | 380,496 |
Income from operations |  | 107,270 |  |  | 2,927 |  |  | 110,197 |  |  | 210,516 |  |  | 5,681 |  |  | 216,197 |
Income before taxes |  | 98,038 |  |  | 2,927 |  |  | 100,965 |  |  | 192,033 |  |  | 5,681 |  |  | 197,714 |
Provision for income taxes |  | (33,573 | ) |  | (1,140 | ) |  | (34,713 | ) |  | (66,955 | ) |  | (2,213 | ) |  | (69,168 | )
Net income |  | 64,465 |  |  | 1,787 |  |  | 66,252 |  |  | 125,078 |  |  | 3,468 |  |  | 128,546 |
Comprehensive income |  | 80,435 |  |  | 1,787 |  |  | 82,222 |  |  | 143,806 |  |  | 3,468 |  |  | 147,274 |
Net income per common share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | 0.67 |  |  | 0.02 |  |  | 0.69 |  |  | 1.30 |  |  | 0.03 |  |  | 1.33 |
Diluted |  | 0.66 |  |  | 0.02 |  |  | 0.68 |  |  | 1.28 |  |  | 0.04 |  |  | 1.32 |
___________
(a) | Certain amounts in prior periods' consolidated financial statements have been reclassified to conform with the current period presentation.
|  | 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 |
|  | Six Months Ended June 30, 2013
Consolidated Statement of Cash Flows |  | As Previously Reported |  | Effect of Change |  | As Adjusted
Net income |  | $ | 125,078 |  |  | $ | 3,468 |  |  | $ | 128,546 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Deferred income tax provision (benefit) |  | (8,999 | ) |  | 2,213 |  |  | (6,786 | )
Change in inventories |  | 5,759 |  |  | (5,681 | ) |  | 78 |
The components of inventories are as follows (dollars in thousands):
| June 30, 2014 |  | December 31, 2013
Raw materials | $ | 239,393 |  |  | $ | 212,027 |
Work in process | 12,506 |  |  | 13,898 |
Finished goods | 196,436 |  |  | 209,972 |
Supplies and materials | 163,007 |  |  | 158,394 |
Inventories | $ | 611,342 |  |  | $ | 594,291 |

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