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Change in Accounting Principle: Inventories (Tables) | 6 Months Ended
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Jun. 30, 2014
Inventory Disclosure [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 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.
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 |
|  | 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 |
Components of Inventories | 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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- 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 FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 2: 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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