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Other Financial Statement Information

9 Months Ended

Sep. 30, 2011

Other Financial Statement Information [Abstract]

NOTE B – OTHER FINANCIAL STATEMENT INFORMATION

Inventories – net


	September 30			December 31
	2011			2010
Finished products	$	40,536		$	34,580
Work-in-process		9,266			5,830
Raw materials		44,544			40,667

		94,346			81,077
Excess of current cost over LIFO cost		(5,722	)		(4,801	)
Noncurrent portion of inventory		(3,610	)		(3,155	)

	$	85,014		$	73,121

Cost of inventories for certain material are determined using the last-in-first-out (LIFO) method and totaled approximately $25.8 million at September 30, 2011 and $21.7 million at December 31, 2010. An actual valuation of inventories under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management’s estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation. During the three and nine month periods ended September 30, 2011, the net increase in LIFO inventories resulted in a $.4 million and $.9 million charge to income before income taxes. During the three and nine month periods ended September 30, 2010, the net increase in LIFO inventories resulted in a $.2 million and $.9 million charge to income before income taxes.

Noncurrent inventory is included in other assets on the consolidated balance sheets and is principally comprised of raw materials.

Property and equipment - net

Major classes of property and equipment are stated at cost and were as follows:


	September 30		December 31
	2011		2010
Land and improvements	$	8,451	$	7,467
Buildings and improvements		56,045		55,766
Machinery and equipment		121,724		117,758
Construction in progress		6,657		4,949

		192,877		185,940
Less accumulated depreciation		114,022		109,674

	$	78,855	$	76,266

Comprehensive income (loss)

The components of comprehensive income (loss) for the three and nine month periods ended September 30 are as follows:


	PLPC					Noncontrolling interest						Total
	Three month period ended September 30					Three month period ended September 30						Three month period ended September 30
	2011			2010		2011			2010			2011			2010
Net income	$	6,660		$	9,879	$	—		$	3		$	6,660		$	9,882
Other comprehensive income (loss):
Foreign currency translation adjustments		(11,269	)		7,496		—			(77	)		(11,269	)		7,419
Recognized net actuarial loss, net of tax		65			44		—			—			65			44

Total other comprehensive income (loss)		(11,204	)		7,540		—			(77	)		(11,204	)		7,463

Comprehensive income (loss)	$	(4,544	)	$	17,419	$	—		$	(74	)	$	(4,544	)	$	17,345


	PLPC					Noncontrolling interest						Total
	Nine month period ended September 30					Nine month period ended September 30						Nine month period ended September 30
	2011			2010		2011			2010			2011			2010
Net income (loss)	$	22,044		$	17,107	$	—		$	(95	)	$	22,044		$	17,012
Other comprehensive income (loss):
Foreign currency translation adjustments		(5,631	)		3,186		(50	)		(52	)		(5,681	)		3,134
Recognized net actuarial loss, net of tax		193			132		—			—			193			132

Total other comprehensive income (loss)		(5,438	)		3,318		(50	)		(52	)		(5,488	)		3,266

Comprehensive income (loss)	$	16,606		$	20,425	$	(50	)	$	(147	)	$	16,556		$	20,278

Legal proceedings

From time to time, the Company may be subject to litigation incidental to its business. The Company is not a party to any pending legal proceedings that the Company believes would, individually or in the aggregate, have a material adverse effect on its financial condition, results of operations, or cash flows.