Note B – Other Financial Statement Information

Inventories – net


	December 31
	2013			2012
Finished products	$	37,301		$	41,474
Work-in-process		7,779			7,940
Raw materials		40,251			46,133

		85,331			95,547
Excess of current cost over LIFO cost		(4,146	)		(4,674	)
Noncurrent portion of inventory		(7,350	)		(3,957	)

	$	73,835		$	86,916

Costs for inventories of certain material are determined using the LIFO method and totaled approximately $25.1 million and $30.2 million at December 31, 2013 and 2012, respectively.

Property and equipment – net

Major classes of property, plant and equipment are as follows:


	December 31
	2013		2012
Land and improvements	$	12,141	$	13,190
Buildings and improvements		69,963		59,505
Machinery and equipment		141,940		138,533
Construction in progress		7,185		7,242

		231,229		218,470
Less accumulated depreciation		130,768		125,144

	$	100,461	$	93,326

Depreciation of property and equipment was $10.6 million in 2013, $10 million in 2012 and $9.3 million in 2011. Machinery and equipment includes $.4 million of capital leases at December 31, 2013 and 2012, respectively.

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.