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Note 4 - Inventories
 6 Months Ended
Jun. 30, 2021
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 $64.7 million and $63.5 million at June 30, 2021 and December 31, 2020, respectively. Allowances for excess and obsolete inventory totaled $5.9 million at June 30, 2021 and December 31, 2020. 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.

 

Inventories are comprised of the following:

 

Inventories, net:

 

June 30,

2021

  

December 31,

2020

 

Raw materials and in-process

 $22,096  $18,152 

Finished parts

  47,990   51,701 

Finished products

  11,656   12,833 

Total net inventories

 $81,742  $82,686