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INVENTORIES

12 Months Ended

Dec. 31, 2014

Inventories at December 31, 2014 and 2013, consisted of the following (amounts in thousands):



	2014			2013
Raw material	$	119,989		$	130,403
Work-in-process	41,073			54,190
Finished goods	179,998			208,821
	341,060			393,414
Adjustment to LIFO basis	(9,628		)	(8,494		)
	$	331,432		$	384,920

If the Company were to liquidate the December 31, 2014 balance of LIFO basis inventory, it would pay tax of $3.7 million. If the Company would have liquidated the December 31, 2013 balance of LIFO basis inventory, it would have paid tax of $3.1 million. See note 2 for additional information on the mining inventory writedowns of $16.7 million recorded in 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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