Note B - Other Financial Statement Information

Inventories – net


	December 31
	2014			2013
Finished products	$	41,634		$	37,301
Work-in-process		7,964			7,779
Raw materials		40,423			40,251

		90,021			85,331
Excess of current cost over LIFO cost		(4,471	)		(4,146	)
Noncurrent portion of inventory		(5,513	)		(7,350	)

	$	80,037		$	73,835

Costs for inventories of certain material are determined using the LIFO method and totaled approximately $27 million and $25.1 million at December 31, 2014 and 2013, respectively.

Property and equipment – net

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


	December 31
	2014		2013
Land and improvements	$	14,173	$	12,141
Buildings and improvements		75,587		69,963
Machinery and equipment		144,213		141,940
Construction in progress		3,382		7,185

		237,355		231,229
Less accumulated depreciation		134,824		130,768

	$	102,531	$	100,461

Depreciation of property and equipment was $11.3 million in 2014, $10.6 million in 2013 and $10 million in 2012. Machinery and equipment includes $.3 million and $.4 million of capital leases at December 31, 2014 and 2013, 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.