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Note 4 - Inventories | 6 Months Ended
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Jun. 30, 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 $92.6 million and $88.2 million at June 30, 2023 and December 31, 2022, respectively. Allowances for excess and obsolete inventory totaled $7.2 million at June 30, 2023 and December 31, 2022, 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:
|  | June 30, 2023 |  |  | December 31, 2022 |
Inventories, net: |  |  |  |  |  |  |  |
Raw materials and in-process |  | $ | 40,752 |  |  | $ | 40,448 |
Finished parts |  |  | 61,536 |  |  |  | 57,224 |
Finished products |  |  | 13,528 |  |  |  | 13,461 |
Total net inventories |  | $ | 115,816 |  |  | $ | 111,133 |

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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 -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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