OMN » Topics » Note C - Inventories

This excerpt taken from the OMN 10-Q filed Mar 25, 2009.

Note D – Inventories

Inventories are stated at the lower of cost or market value. Inventories valued using the last-in, first-out (“LIFO”) method represented approximately 69.0% and 62.0% of inventories at February 28, 2009 and November 30, 2008, respectively. An actual valuation of inventory under the LIFO method is made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s judgments of expected year-end inventory levels and costs and are subject to final year-end LIFO inventory valuations. The remaining portion of inventories are stated using the first-in, first-out (“FIFO”) method.

 

     February 28,
2009
    November 30,
2008
 

Raw materials and supplies

   $ 25.8     $ 29.3  

Work-in-process

     4.9       3.9  

Finished products

     45.7       52.8  
                

Acquired cost of inventories

     76.4       86.0  

Excess of acquired cost over LIFO cost

     (29.8 )     (32.7 )

Obsolescence reserves

     (7.0 )     (7.2 )
                

Inventories

   $ 39.6     $ 46.1  
                

Due to anticipated reductions in prices and quantities, the Company expects to recognize a reduction in its LIFO reserve of $10.8 million for 2009 and accordingly, recognized $2.7 million in the first quarter of 2009.

This excerpt taken from the OMN 10-Q filed Sep 30, 2008.

Note D – Inventories

Inventories are stated at the lower of cost or market value. Approximately 62% of inventories are priced by use of the last-in, first-out (“LIFO”) method using various dollar value pools. An actual valuation of inventory under the LIFO method is made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s judgments of expected year-end inventory levels and costs and are subject to final year-end LIFO inventory valuations. The remaining portion of inventories are stated using the first-in, first-out (“FIFO”) method.

 

     August 31,
2008
    November 30,
2007
 

Raw materials and supplies

   $ 30.1     $ 16.6  

Work-in-process

     5.9       2.2  

Finished products

     54.3       44.5  
                

Approximate replacement cost of inventories

     90.3       63.3  

LIFO inventory reserve

     (23.6 )     (23.2 )

Other reserves

     (10.2 )     (9.5 )
                

Inventories

   $ 56.5     $ 30.6  
                

 

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This excerpt taken from the OMN 10-Q filed Jun 27, 2008.

Note D – Inventories

Inventories are stated at the lower of cost or market value. Approximately 60% of inventories are priced by use of the last-in, first-out (“LIFO”) method using various dollar value pools. An actual valuation of inventory under the LIFO method is made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s judgments of expected year-end inventory levels and costs and are subject to final year-end LIFO inventory valuations. The remaining portion of inventories are stated using the first-in, first-out (“FIFO”) method.

 

     May 31,
2008
    November 30,
2007
 

Raw materials and supplies

   $ 30.6     $ 16.6  

Work-in-process

     5.8       2.2  

Finished products

     56.0       44.5  
                

Approximate replacement cost of inventories

     92.4       63.3  

LIFO inventory reserve

     (23.4 )     (23.2 )

Other reserves

     (10.4 )     (9.5 )
                

Inventories

   $ 58.6     $ 30.6  
                
This excerpt taken from the OMN 10-Q filed Apr 9, 2008.

Note C – Inventories

Inventories are stated at the lower of cost or market value. Approximately 50% of inventories is priced by use of the last-in, first-out (“LIFO”) method using various dollar value pools. An actual valuation of inventory under the LIFO method is made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s judgments of expected year-end inventory levels and costs and are subject to final year-end LIFO inventory valuations. The remaining portion of inventories are stated using the first-in, first-out (“FIFO”) method.

 

     February 29,
2008
    November 30,
2007
 

Raw materials and supplies

   $ 28.1     $ 16.6  

Work-in-process

     6.0       2.2  

Finished products

     55.1       44.5  
                

Approximate replacement cost of inventories

     89.2       63.3  

LIFO inventory reserve

     (23.2 )     (23.2 )

Other reserves

     (10.9 )     (9.5 )
                

Inventories

   $ 55.1     $ 30.6  
                

 

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This excerpt taken from the OMN 10-Q filed Sep 28, 2007.

Note C – Inventories

Inventories are stated at the lower of cost or market value. A portion of inventories is priced by use of the last-in, first-out (“LIFO”) method using various dollar value pools. An actual valuation of inventory under the LIFO method is made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s judgments of expected year-end inventory levels and costs and are subject to final year-end LIFO inventory valuations. The remaining portion of inventories are stated using the first-in, first-out (“FIFO”) method. Inventories valued using the LIFO method represented approximately 65% and 74% of the total cost of inventories at August 31, 2007 and November 30, 2006, respectively. Components of inventory are as follows:

 

     August 31,
2007
    November 30,
2006
 

Raw materials and supplies

   $ 19.5     $ 18.1  

Work-in-process

     3.1       2.8  

Finished products

     51.8       46.4  
                

Approximate replacement cost of inventories

     74.4       67.3  

LIFO reserves

     (24.5 )     (24.0 )

Other reserves

     (9.6 )     (9.9 )
                

Inventories

   $ 40.3     $ 33.4  
                
This excerpt taken from the OMN 10-Q filed Jun 29, 2007.

Note C – Inventories

Inventories are stated at the lower of cost or market value. A portion of inventories is priced by use of the last-in, first-out (“LIFO”) method using various dollar value pools. An actual valuation of inventory under the LIFO method is made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s judgments of expected year-end inventory levels and costs and are subject to final year-end LIFO inventory valuations. The remaining portion of inventories are stated using the first-in, first-out (“FIFO”) method. Inventories valued using the LIFO method represented approximately 65% and 74% of the total replacement cost of inventories at May 31, 2007 and November 30, 2006, respectively. Components of inventory are as follows:

 

     May 31,
2007
    November 30,
2006
 

Raw materials and supplies

   $ 18.9     $ 18.1  

Work-in-process

     3.8       2.8  

Finished products

     51.9       46.4  
                

Approximate replacement cost of inventories

     74.6       67.3  

LIFO reserves

     (24.5 )     (24.0 )

Other reserves

     (8.7 )     (9.9 )
                

Inventories

   $ 41.4     $ 33.4  
                
This excerpt taken from the OMN 10-Q filed Mar 29, 2007.

Note B – Inventories

Inventories are stated at the lower of cost or market value. A portion of inventories is priced by use of the last-in, first-out (“LIFO”) method using various dollar value pools. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s judgments of expected year-end inventory levels and costs and are subject to final year-end LIFO inventory valuations. The remaining portion of inventories are stated using the first-in, first-out (“FIFO”) method. Components of inventory are as follows:

 

      February 28,
2007
    November 30,
2006
 

Raw materials and supplies

   $ 20.8     $ 18.1  

Work-in-process

     3.5       2.8  

Finished products

     50.5       46.4  
                

Approximate replacement cost of inventories

     74.8       67.3  

LIFO reserves

     (24.0 )     (24.0 )

Other reserves

     (9.0 )     (9.9 )
                

Inventories

   $ 41.8     $ 33.4  
                

 

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This excerpt taken from the OMN 10-Q filed Oct 10, 2006.

Note B – Inventories

Inventories are stated at the lower of cost or market value. A portion of the inventories is priced by use of the last-in, first-out (“LIFO”) method using various dollar value pools. Interim LIFO determinations are based on management’s judgments of expected year-end inventory levels and costs and are subject to final year-end LIFO inventory calculations. The remaining portion of inventories are stated using the first-in, first-out (“FIFO”) method. Components of inventory are as follows:

 

     August 31,
2006
    November 30,
2005
 

Raw materials and supplies

   $ 21.5     $ 19.7  

Work-in-process

     3.3       3.6  

Finished products

     60.8       56.2  
                

Approximate replacement cost of inventories

     85.6       79.5  

LIFO reserves

     (27.3 )     (26.9 )

Other reserves

     (10.5 )     (11.6 )
                

Inventories

   $ 47.8     $ 41.0  
                
This excerpt taken from the OMN 10-Q filed Jun 27, 2006.

Note B – Inventories

Inventories are stated at the lower of cost or market value. A portion of the inventories is priced by use of the last-in, first-out (LIFO) method using various dollar value pools. Interim LIFO determinations involve management’s judgments of expected year-end inventory levels, and costs are subject to year-end LIFO inventory calculations. The remaining portion of inventories are stated using the first-in, first-out (FIFO) method. Components of inventory are as follows:

 

     May 31,
2006
    November 30,
2005
 

Raw materials and supplies

   $ 23.2     $ 19.7  

Work-in-process

     3.2       3.6  

Finished products

     60.0       56.2  
                

Approximate replacement cost of inventories

     86.4       79.5  

LIFO reserves

     (27.1 )     (26.9 )

Other reserves

     (11.2 )     (11.6 )
                

Inventories

   $ 48.1     $ 41.0  
                
This excerpt taken from the OMN 10-Q filed Apr 6, 2006.

Note B – Inventories

Inventories are stated at the lower of cost or market value. A portion of the inventories is priced by use of the last-in, first-out (LIFO) method using various dollar value pools. Interim LIFO determinations involve management’s judgments of expected year-end inventory levels, and costs are subject to year-end LIFO inventory calculations. The remaining portion of inventories are stated using the first-in, first-out (FIFO) method. Components of inventory are as follows:

 

     February 28,
2006
    November 30,
2005
 

Raw materials and supplies

   $ 20.5     $ 19.7  

Work-in-process

     3.6       3.6  

Finished products

     62.4       56.2  
                

Approximate replacement cost of inventories

     86.5       79.5  

LIFO reserves

     (27.3 )     (26.9 )

Other reserves

     (11.4 )     (11.6 )
                

Inventories

   $ 47.8     $ 41.0  
                
This excerpt taken from the OMN 10-Q filed Sep 30, 2005.

Note B – Inventories

 

Inventories are stated at the lower of cost or market value. A portion of the inventories is priced by use of the last-in, first-out (LIFO) method using various dollar value pools. Interim LIFO determinations involve management’s judgments of expected year-end inventory levels, and costs are subject to year-end LIFO inventory calculations. The remaining portion of inventories are stated using the first-in, first-out (FIFO) method. Components of inventory are as follows:

 

     August 31,
2005


    November 30,
2004


 

Raw materials and supplies

   $ 19.0     $ 21.7  

Work-in-process

     3.6       3.0  

Finished products

     57.0       64.0  
    


 


Approximate replacement cost of inventories

     79.6       88.7  

LIFO reserves

     (26.9 )     (26.9 )

Other reserves

     (11.3 )     (12.2 )
    


 


Inventories

   $ 41.4     $ 49.6  
    


 


 

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Table of Contents
This excerpt taken from the OMN 10-Q filed Jul 1, 2005.

Note B – Inventories

 

Inventories are stated at the lower of cost or market value. A portion of the inventories is priced by use of the last-in, first-out (LIFO) method using various dollar value pools. Interim LIFO determinations involve management’s judgments of expected year-end inventory levels and costs are subject to year-end LIFO inventory calculations. The remaining portion of inventories are stated using the first-in, first-out (FIFO) method. Components of inventory are as follows:

 

    

May 31,

2005


   

November 30,

2004


 
    

Raw materials and supplies

   $ 21.0     $ 21.7  

Work-in-process

     3.5       3.0  

Finished products

     65.0       64.0  
    


 


Approximate replacement cost of inventories

     89.5       88.7  

LIFO reserves

     (26.9 )     (26.9 )

Other reserves

     (11.9 )     (12.2 )
    


 


Inventories

   $ 50.7     $ 49.6  
    


 


 

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