Inventories

12 Months Ended

Dec. 31, 2011

3. Inventories

Inventories consist of the following:

December 31,	2011			2010

Finished products	$	3,317		$	5,833
Materials and products in process		44,376			41,442
		47,693			47,275
Adjustment of inventories to a LIFO basis		(37,476	)		(37,448	)
	$	10,217		$	9,827

In 2011, inventory quantities increased. In 2010, inventory quantities were reduced. This reduction resulted in a liquidation of LIFO inventory quantities carried at lower costs prevailing in prior years as compared with the current cost of purchases, the effect of which decreased costs of products sold by approximately $2.3 million in 2010.

- 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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