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Inventories

3 Months Ended

Mar. 31, 2012

Inventories

Inventories are composed of material, labor and overhead and are stated at the lower of cost or market. Costs for inventory at two of the company's manufacturing facilities have been determined using the last-in, first-out ("LIFO") method. These inventories under the LIFO method amounted to $19.8 million at March 31, 2012 and $18.6 million at December 31, 2011 and represented approximately 14.3% and 15.0% of the total inventory in each respective period. Costs for all other inventory have been determined using the first-in, first-out ("FIFO") method. The company estimates reserves for inventory obsolescence and shrinkage based on its judgment of future realization. Inventories at March 31, 2012 and December 31, 2011 are as follows:

	Mar 31, 2012		Dec 31, 2011
	(in thousands)

Raw materials and parts	$	78,466	$	69,576
Work-in-process		20,586		15,204
Finished goods		38,758		39,261
		137,810		124,041
LIFO reserve		259		259

	$	138,069	$	124,300

- 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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