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Inventories

12 Months Ended

Dec. 31, 2014

INVENTORIES

Inventories valued at LIFO represented 37% and 55% of total inventory for the years ended December 31, 2014 and 2013, respectively. The excess of current costs over LIFO-valued inventories was $10,230,000 and $9,483,000 on December 31, 2014 and December 31, 2013, respectively. (The $747,000 increase in LIFO reserve during 2014 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, 2014, was an increase to cost of sales of $747,000, and an increase in 2013 of $508,000 and an decrease in 2012 of $484,000.) Inventories consisted of the following on a cost basis, net of reserves:



	December 31,
(in thousands)	2014		2013
Finished goods and parts	$	112,197	$	84,548
Work in process	18,635		9,906
Raw materials	35,256		14,650
	$	166,088	$	109,104

- 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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