Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2013

Effect of Change on Consolidated Statement of 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):



	Year Ended December 31
	2013						2012						2011
Consolidated Statements of Income and Comprehensive Income	As Previously Reported			As Adjusted			As Previously Reported			As Adjusted			As Previously Reported			As Adjusted
Cost of sales	$	(2,806,121	)	$	(2,797,853	)	$	(2,203,286	)	$	(2,209,142	)	$	(2,078,088	)	$	(2,076,816	)
Gross profit	859,187			867,455			640,591			634,735			542,023			543,295
Income from operations	473,607			481,875			443,459			437,603			272,749			274,021
Income before taxes	415,332			423,600			380,559			374,703			243,504			244,776
(Provision) benefit for income taxes	20,951			17,729			(216,739		)	(214,463		)	(85,477		)	(85,971		)
Net income	436,283			441,329			163,820			160,240			158,027			158,805
Comprehensive income	485,301			490,347			147,556			143,976			104,630			105,408
Net income per common share
Basic	4.52			4.57			1.70			1.66			1.59			1.60
Diluted	4.47			4.52			1.68			1.64			1.57			1.58

Effect of Change on Consolidated Balance Sheet



	December 31
	2013				2012
Consolidated Balance Sheets	As Previously Reported		As Adjusted		As Previously Reported		As Adjusted
Inventories	$	522,523	$	594,291	$	268,767	$	332,268
Current deferred tax asset	75,579		47,616		22,328		—
Current deferred tax liability	—		—		—		2,414
Retained earnings	975,296		1,019,101		703,728		742,487

Effect of Change on Consolidated Statement of Cash Flows



	Year Ended December 31
	2013						2012						2011
Consolidated Statements of Cash Flows	As Previously Reported			As Adjusted			As Previously Reported			As Adjusted			As Previously Reported			As Adjusted
Net income	$	436,283		$	441,329		$	163,820		$	160,240		$	158,027		$	158,805
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax provision (benefit)	(163,550		)	(160,328		)	183,202			180,926			27,347			27,841
Change in inventories	33,304			25,036			(12,212		)	(6,356		)	(8,333		)	(9,605		)

Components of Inventories

The components of inventories are as follows (dollars in thousands):



	December 31
	2013		2012
Raw materials	$	212,027	$	125,909
Work in process	13,898		8,287
Finished goods	209,972		78,788
Supplies and materials	158,394		119,284
Inventories	$	594,291	$	332,268

Property, Plant and Equipment (at cost)

Property, plant, and equipment consist of the following (dollars in thousands):



	December 31
	2013			2012
Land and land improvements	$	140,592		$	107,250
Buildings	628,948			390,363
Machinery and equipment	4,263,505			3,048,932
Construction in progress	168,808			67,051
Other	30,847			27,196
Property, plant, and equipment, at cost	5,232,700			3,640,792
Less accumulated depreciation	(2,426,996		)	(2,274,723		)
Property, plant, and equipment, net	$	2,805,704		$	1,366,069

Property, Plant and Equipment Estimated Useful Lives

Depreciation is computed on the straight-line basis over the estimated useful lives of the related assets. Assets under capital leases are depreciated on the straight-line method over the term of the lease or the useful life, if shorter. The following lives are used for the various categories of assets:



Buildings and land improvements	5 to 40 years
Machinery and equipment	3 to 25 years
Trucks and automobiles	3 to 10 years
Furniture and fixtures	3 to 20 years
Computers and hardware	3 to 10 years
	Period of the lease or
Leasehold improvements	useful life, if shorter