Note C - Inventories

12 Months Ended

Dec. 31, 2016

Note C – Inventories

Inventories are stated at the lower of cost or market. Replacement cost approximates current cost and the excess over LIFO cost is approximately

$58.4

million and

$59.1

million at

December

31,

2016

and

2015,

respectively. Some inventory quantities were reduced during

2016,

resulting in liquidation of some LIFO quantities carried at lower costs from earlier years versus current year costs. The related effect increased net income by

$801,000.

Allowances for excess and obsolete inventory totaled

$4.5

million and

$5.0

million at

December

31,

2016

and

2015,

respectively.

Inventories, net	2016		2015
Raw materials and in-process	$	17,986	$	25,652
Finished parts		43,423		46,270
Finished products		7,640		10,896
Total net inventories	$	69,049	$	82,818