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Inventories

6 Months Ended

Jun. 30, 2011

2.	Inventories

Inventories are stated at the lower of cost or market and consist of the following (in thousands):


	June 30, 2011		December 31, 2010
Short-term inventories:
Raw materials	$	54,200	$	58,610
Work-in-process		1,449		2,521
Finished goods		16,194		17,566
Supplies		2,335		2,190

		74,178		80,887
Long-term inventories:
Finished goods		2,527		2,554

Total inventories	$	76,705	$	83,441

The lower of cost or market adjustment was $4.0 million at June 30, 2011 and $4.5 million at December 31, 2010. Long-term inventories are recorded in other assets.

- 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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