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Note 4 - Inventories

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Inventory Disclosure [Text Block]

Note 4 – Inventories

LIFO inventories are stated at the lower of cost or market and all other inventories are stated at the lower of cost or net realizable value. Replacement cost approximates current cost and the excess over LIFO cost is approximately $63.5 million and $62.5 million at December 31, 2020 and 2019, respectively. Some inventory quantities were reduced during 2019, 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 approximately $2.0 million during 2019. Allowances for excess and obsolete inventory totaled $5.9 million at December 31, 2020 and 2019.

Inventories are comprised of the following:

Inventories, net		December 31, 2020				December 31, 2019
Raw materials and in-process		$	18,152			$	16,474
Finished parts			51,701				47,317
Finished products			12,833				12,206
Total net inventories		$	82,686			$	75,997

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- References

No definition available.

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- Definition

The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-URI http://asc.fasb.org/topic&trid=2126998

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