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Inventories

12 Months Ended

Dec. 31, 2012

INVENTORIES

Inventories valued at LIFO represented 56% and 61% of total inventory for the years ended December 31, 2012 and 2011, respectively. The excess of current costs over LIFO-valued inventories was $8,975,000 and $9,459,000 on December 31, 2012 and December 31, 2011, respectively. (The $484,000 decrease in LIFO reserve during 2012 came from reductions in inventory levels within U.S. operations. The impact of the application of the LIFO method on the Statement of Income for the years ended December 31, 2012, was a decrease to cost of sales of $484,000, and a increase in 2011 of $1,805,000 and a increase in 2010 of $1,452,000.) Inventories consisted of the following on a cost basis, net of reserves:



	December 31,
(in thousands)	2012		2011
Finished goods and parts	$	93,095	$	90,444
Work in process	7,922		10,570
Raw materials	7,741		13,509
	$	108,758	$	114,523

- 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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