Note 3 - Inventories

6 Months Ended

Jun. 30, 2017

Inventory Disclosure [Text Block]

NOTE

- INVENTORIES

Inventories are stated at the lower of cost or market. The costs for approximately

72%

of inventories at

June 30, 2017

and

December

31,

2016

are determined using the last-in,

first

-out (“LIFO”) method, with the remainder determined using the

first

-in,

first

-out (FIFO) method applied on a consistent basis. Replacement cost approximates current cost and the excess over LIFO cost was approximately

$59.7

million and

$58.4

million at

June 30, 2017

and

December 31, 2016,

respectively. 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.

Allowances for excess and obsolete inventory totaled

$4.7

million and

$4.5

million at

June 30, 2017

and

December 31, 2016,

respectively.

The major components of net inventories are as follows:

	June 30, 2017		December 31, 2016
Raw materials and in-process	$	18,254	$	17,986
Finished parts		41,850		43,423
Finished products		6,677		7,640
Total net inventories	$	66,781	$	69,049