NOTE B – OTHER FINANCIAL STATEMENT INFORMATION

Inventories – net


	June 30 2013			December 31 2012
Finished products	$	37,419		$	41,474
Work-in-process		7,453			7,940
Raw materials		42,574			46,133

		87,446			95,547
Excess of current cost over LIFO cost		(4,880	)		(4,674	)
Noncurrent portion of inventory		(3,874	)		(3,957	)

	$	78,692		$	86,916

Cost of inventories for certain materials are determined using the last-in-first-out (LIFO) method and totaled approximately $25.9 million at June 30, 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 and six month periods ended June 30, 2013, the net change in LIFO inventories resulted in $.2 million and a .2 million charge to Income before income taxes, respectively. During the three and six month periods ended June 30, 2012, the net change in LIFO inventories resulted in a $.2 million benefit and a $ 2 thousand 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, net are stated at cost and were as follows:


	June 30 2013		December 31 2012
Land and improvements	$	12,811	$	13,190
Buildings and improvements		59,458		59,505
Machinery and equipment		139,225		138,533
Construction in progress		11,294		7,242

		222,788		218,470
Less accumulated depreciation		127,070		125,144

	$	95,718	$	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.