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Note 4 - Inventories

3 Months Ended

Mar. 31, 2023

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 $90.2 million and $88.2 million at March 31, 2023 and December 31, 2022, respectively. Allowances for excess and obsolete inventory totaled $7.3 million at March 31, 2023 and $7.2 million at December 31, 2022. 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.

Pre-tax LIFO expense was $2.0 million and $1.8 million for the three months ended March 31, 2023 and 2022, respectively.

Inventories are comprised of the following:

Inventories, net:		March 31, 2023				December 31, 2022
Raw materials and in-process		$	41,964			$	40,448
Finished parts			60,861				57,224
Finished products			13,933				13,461
Total net inventories		$	116,758			$	111,133