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Note B - Inventories
 3 Months Ended
Mar. 31, 2012
Inventory, Policy [Policy Text Block]
NOTE B - INVENTORIES

Inventories are stated at the lower of cost or market.  The costs for approximately 79% of inventories at March 31, 2012 and 82% at December 31, 2011 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)
 
March 31,
2012
   
December 31,
2011
 
Raw materials and in-process
  $ 28,787     $ 30,480  
Finished parts
    40,996       36,451  
Finished products
    7,847       6,262  
Total inventories
  $ 77,630     $ 73,193