XML 21 R7.htm IDEA: XBRL DOCUMENT  v2.3.0.11
NOTE B - INVENTORIES
 3 Months Ended
Jun. 30, 2011
Inventory, Policy [Policy Text Block]
NOTE B - INVENTORIES

Inventories are stated at the lower of cost or market.  The costs for approximately 81% of inventories at June 30, 2011 and 82% at December 31, 2010 are determined using the last-in, first-out (LIFO) method, with the remainder determined using the first-in, first-out (FIFO) method.  An actual valuation of inventory under the LIFO method is made at the end of each year based on the inventory levels and

costs at that time.  Interim LIFO calculations are based on management’s estimate of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation.

The major components of inventories are as follows (net of LIFO reserves):

(Thousands of dollars)
 
June 30,
2011
   
December 31, 2010
 
Raw materials and in-process
  $ 28,181     $ 20,128  
Finished parts
    32,632       27,005  
Finished products
    4,158       4,316  
Total inventories
  $ 64,971     $ 51,449