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Change in Accounting Principle: Inventories (Policies) | 6 Months Ended
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Jun. 30, 2014
Inventory Disclosure [Abstract] |
Inventory Valuation | 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 |

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- Definition Disclosure of accounting policy for major classes of inventories, bases of stating inventories (for example, lower of cost or market), methods by which amounts are added and removed from inventory classes (for example, FIFO, LIFO, or average cost), loss recognition on impairment of inventories, and situations in which inventories are stated above cost. If inventory is carried at cost, this disclosure includes the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a -Article 5 Reference 3: 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 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28360613&loc=d3e4492-108314 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=28360613&loc=d3e4556-108314 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Financial Reporting Release (FRR) -Number 206 -Paragraph b -Subparagraph i, ii -Chapter 2 + Details
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