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Inventories

9 Months Ended

Sep. 30, 2012

Note 4: Inventories At September 30, 2012 and December 31, 2011, inventory reserves for certain slow-moving inventory items (Climate Control products) were $1,845,000 and $1,767,000, respectively. In addition, because cost exceeded the net realizable value, inventory reserves for certain nitrogen-based inventories provided by our Chemical Business were $182,000 and $16,000 at September 30, 2012 and December 31, 2011, respectively.

Changes in our inventory reserves are as follows:


	Nine Months Ended September 30,						Three Months Ended September 30,
	2012			2011			2012			2011
				(In Thousands)
Balance at beginning of period	$	1,783		$	1,793		$	1,737		$	1,988
Provisions for losses		337			1,351			293			1,072
Write-offs and disposals		(93	)		(85	)		(3	)		(1	)

Balance at end of period	$	2,027		$	3,059		$	2,027		$	3,059

The provision for losses is included in cost of sales in the accompanying condensed consolidated statements of income.

- 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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