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Inventories | 12 Months Ended
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Dec. 31, 2014
Inventories |
Inventories |
Note 3
Inventories The following table is a summary of inventories at the end of each year:
|  | December 31, |
(Thousands of dollars) |  | 2014 |  | 2013 |
At lower of LIFO cost or market: |  |  |  |  |
Live hogs and materials |  | $ | 208,641 |  | $ | 207,310 |
Fresh pork and materials |  | 28,573 |  | 33,485 |
|  | 237,214 |  | 240,795 |
LIFO adjustment |  | (36,560 | ) | (62,236 | )
Total inventories at lower of LIFO cost or market |  | 200,654 |  | 178,559 |
At lower of FIFO cost or market: |  |  |  |  |
Grains, oilseeds and other commodities |  | 320,066 |  | 299,229 |
Sugar produced and in process |  | 48,863 |  | 53,325 |
Other |  | 57,344 |  | 74,289 |
Total inventories at lower of FIFO cost or market |  | 426,273 |  | 426,843 |
Grain, flour and feed at lower of weighted average cost or market |  | 109,375 |  | 93,596 |
Total inventories |  | $ | 736,302 |  | $ | 698,998 |
The use of the LIFO method increased 2014 and 2013 net earnings by $15,662,000 ($13.29 per common share) and by $17,381,000 ($14.56 per common share), respectively, and decreased 2012 net earnings by $20,098,000 ($16.70 per common share). If the FIFO method had been used for certain inventories of the Pork segment, inventories would have been higher by $36,560,000 and $62,236,000 as of December 31, 2014 and 2013, respectively.

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- 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. + 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 FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a, b, c -Article 5 + Details
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