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Other Financial Statement Information

3 Months Ended

Mar. 31, 2013

Other Financial Statement Information [Abstract]

NOTE B – OTHER FINANCIAL STATEMENT INFORMATION

Inventories – net


	March 31			December 31
	2013			2012
Finished products	$	40,482		$	41,474
Work-in-process		8,225			7,940
Raw materials		46,666			46,133

		95,373			95,547
Excess of current cost over LIFO cost		(4,645	)		(4,674	)
Noncurrent portion of inventory		(4,420	)		(3,957	)

	$	86,308		$	86,916

Cost of inventories for certain material is determined using the last-in-first-out (LIFO) method and totaled approximately $27.8 million at March 31, 2013 and $30.2 million at December 31, 2012. 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 month period ended March 31, 2013, the net decrease in LIFO inventories resulted in a $30 thousand benefit to Income before income taxes. During the three month period ended March 31, 2012, the net increase in LIFO inventories resulted in a $.2 million charge to Income before income taxes.

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:


	March 31		December 31
	2013		2012
Land and improvements	$	13,438	$	13,190
Buildings and improvements		60,565		59,505
Machinery and equipment		140,535		138,533
Construction in progress		9,652		7,242

		224,190		218,470
Less accumulated depreciation		127,247		125,144

	$	96,943	$	93,326

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.