Inventories and natural gas in storage

9 Months Ended

Sep. 30, 2012

Inventories and natural gas in storage [Abstract]

Inventories, other than natural gas in storage for the Company's regulated operations, were stated at the lower of average cost or market value. Natural gas in storage for the Company's regulated operations is generally carried at average cost, or cost using the last-in, first-out method. The portion of the cost of natural gas in storage expected to be used within one year was included in inventories. Inventories consisted of:



	September 30, 2012		September 30, 2011		December 31, 2011
	(In thousands)
Aggregates held for resale	$	88,632	$	80,868	$	78,518
Materials and supplies	75,551		64,988		61,611
Asphalt oil	47,084		26,851		32,335
Natural gas in storage (current)	41,091		39,629		36,578
Merchandise for resale	30,827		30,974		32,165
Other	32,582		26,259		32,998
Total	$	315,767	$	269,569	$	274,205

The remainder of natural gas in storage, which largely represents the cost of gas required to maintain pressure levels for normal operating purposes, was included in other assets and was $50.3 million, $47.2 million, and $50.3 million at September 30, 2012 and 2011, and December 31, 2011, respectively.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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