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Note 4 - Inventories
 6 Months Ended
Jun. 30, 2022
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 $76.1 million and $70.1 million at June 30, 2022 and December 31, 2021, respectively. Allowances for excess and obsolete inventory totaled $6.1 million and $6.0 million at June 30, 2022 and December 31, 2021, 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.

 

Inventories are comprised of the following:

 

Inventories, net:

  

June 30,
2022

    

December 31,
2021

  

Raw materials and in-process

   $ 35,952     $ 23,263  

Finished parts

     53,786       52,039  

Finished products

     11,396       10,346  

Total net inventories

   $ 101,134     $ 85,648