NOTE B – OTHER FINANCIAL STATEMENT INFORMATION

Inventories – net


	March 31			December 31
	2014			2013
Finished products	$	43,909		$	37,301
Work-in-process		8,674			7,779
Raw materials		38,850			40,251

		91,433			85,331
Excess of current cost over LIFO cost		(4,092	)		(4,146	)
Noncurrent portion of inventory		(7,703	)		(7,350	)

	$	79,638		$	73,835

Cost of inventories for certain material is determined using the last-in-first-out (LIFO) method and totaled approximately $25.7 million at March 31, 2014 and $25.1 million at December 31, 2013. 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, 2014, the net change in LIFO inventories resulted in a $.1 million charge to Income before income taxes. During the three month period ended March 31, 2013, the net decrease in LIFO inventories resulted in a less than $.1 million benefit 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
	2014		2013
Land and improvements	$	13,036	$	12,141
Buildings and improvements		72,659		69,963
Machinery and equipment		145,098		141,940
Construction in progress		8,423		7,185

		239,216		231,229
Less accumulated depreciation		134,070		130,768

	$	105,146	$	100,461

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.