NOTE B – OTHER FINANCIAL STATEMENT INFORMATION

Inventories – net


	June 30,			December 31,
	2016			2015
Finished products	$	35,442		$	37,812
Work-in-process		8,003			6,902
Raw materials		37,691			34,854

		81,136			79,568
Excess of current cost over LIFO cost		(3,402	)		(3,538	)
Noncurrent portion of inventory		(5,595	)		(6,118	)

	$	72,139		$	69,912

Cost of inventories for certain material is determined using the last-in-first-out (LIFO) method and totaled approximately $27.9 million at June 30, 2016 and $26.8 million at December 31, 2015. 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 months ended June 30, 2016, the net change in LIFO inventories resulted in a $.5 million and $.1 million benefit to Income before income taxes, respectively. During the three and six months ended June 30, 2015, the net change in LIFO inventories resulted in a $.1 million charge to Income before income taxes and less than $.1 million benefit 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 are stated at cost and were as follows:


	June 30,		December 31,
	2016		2015
Land and improvements	$	12,860	$	12,260
Buildings and improvements		72,307		71,711
Machinery and equipment		157,009		137,599
Construction in progress		4,088		3,369

		246,264		224,939
Less accumulated depreciation		139,029		132,974

	$	107,235	$	91,965

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.