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INVENTORIES

9 Months Ended

Sep. 30, 2014

INVENTORIES

Inventories consisted of the following (amounts in thousands):



	September 30, 2014			December 31, 2013
Raw material	$	122,256		$	130,403
Work-in-process	55,225			54,190
Finished goods	208,327			208,821
	385,808			393,414
Adjustment to LIFO basis	(10,541		)	(8,494		)
	$	375,267		$	384,920

At September 30, 2014, approximately 11% of the Company's inventories were valued under the last-in, first-out (LIFO) method. At December 31, 2013, approximately 12% of the Company's inventories were valued under the LIFO method. The remaining inventories were valued under the first-in, first-out (FIFO) method or average cost method. All inventories are valued at lower of cost or market. See note 2 for additional information on the mining inventory writedown of $11.6 million recorded in the second quarter of 2014.

- 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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