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Other Financial Statement Information

9 Months Ended

Sep. 30, 2012

Other Financial Statement Information [Abstract]

NOTE B – OTHER FINANCIAL STATEMENT INFORMATION

Inventories – net


	September 30			December 31
	2012			2011
Finished products	$	42,849		$	42,382
Work-in-process		9,005			9,196
Raw materials		46,103			46,700

		97,957			98,278
Excess of current cost over LIFO cost		(5,815	)		(5,611	)
Noncurrent portion of inventory		(4,353	)		(4,054	)

	$	87,789		$	88,613

Cost of inventories for certain materials are determined using the last-in-first-out (LIFO) method and totaled approximately $29.7 million at September 30, 2012 and $28.3 million at December 31, 2011. 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, 2012, the net increase in LIFO inventories resulted in a $.2 million and $.2 million charge to income before income taxes for each period. 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, respectively.

Noncurrent inventory is included in other assets on the consolidated balance sheets.

Property, plant and equipment - net

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


	September 30		December 31
	2012		2011
Land and improvements	$	13,112	$	10,283
Buildings and improvements		58,751		56,303
Machinery and equipment		134,388		125,668
Construction in progress		6,446		6,447

		212,697		198,701
Less accumulated depreciation		122,680		115,841

	$	90,017	$	82,860

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.