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Note 4 - Inventories

12 Months Ended

Dec. 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 was approximately $95.1 million and $88.2 million at December 31, 2023 and 2022, respectively. Allowances for excess and obsolete inventory totaled $7.9 million at December 31, 2023 and $7.2 million at December 31, 2022.

Pre-tax LIFO expense was $6.9 million, $18.0 million, and $6.7 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Inventories are comprised of the following: 

		December 31,
		2023				2022
Raw materials and in-process		$	37,037			$	40,448
Finished parts			52,458				57,224
Finished products			14,661				13,461
Total net inventories		$	104,156			$	111,133

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- References

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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

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