LIFO

Adjusted earnings, which exclude an accounting method called LIFO and other items, fell to 58 cents from 67 cents.

Archer Daniels Midland Net Rises 33% on Agricultural Services

The energy industry is also a big beneficiary of a tax-accounting principle -- known as LIFO, or last-in-first-out -- which would be repealed, raising $61 billion.

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So-called LIFO accounting shields companies from heftier taxes when inventory costs increase due to inflation.

Counting in Unison

When the list of persons was compiled the so-called LIFO (last in first out) system was strictly applied, except that certain qualified employees with less years of service were retained in preference to unqualified employees with longer service.

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It's an entirely different inflation calculations than we use for LIFO, which is purely the cost of product this year and how many items we have this year and last.

Yet that is exactly what the oil companies are getting away with thanks to a tax loophole called "LIFO" accounting.

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An semi-theological issue called LIFO -- can you tell us what the annual true up was and you've given us that in past years -- and then of the $23 million of higher LIFO, was it predominantly you took physical inventory lower or was there some pricing actions that caused the $23 million?

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First as I mentioned, during last quarter's conference call LIFO expenses up significantly in 2009, reflecting the increase in manufacturing cost that we experienced in late 2008 and earlier this year.

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A reduction in the physical inventory quantities of a LIFO inventory is called a LIFO liquidation.

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The biggest impact there continues to be -- we have material inflations but we hope to have this thing called a LIFO and a mark-to-market good news is we do hedging bad news is that materials and move around.

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