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Change in Accounting Principle: Inventories (Tables)
 6 Months Ended
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