NOTE B – OTHER FINANCIAL STATEMENT INFORMATION

Inventories – net


	September 30, 2016			December 31, 2015
Finished products	$	34,891		$	37,812
Work-in-process		8,487			6,902
Raw materials		39,363			34,854

		82,741			79,568
Excess of current cost over LIFO cost		(3,219	)		(3,538	)
Noncurrent portion of inventory		(5,857	)		(6,118	)

	$	73,665		$	69,912

Cost of inventories for certain material is determined using the last-in-first-out (LIFO) method and totaled approximately $29.0 million at September 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 are 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 nine months ended September 30, 2016, the net change in LIFO inventories resulted in a $.2 million and $.3 million benefit to Income before income taxes, respectively. During the three and nine months ended September 30, 2015, the net change in LIFO inventories resulted in a $.4 million benefit to Income before income taxes for each period.

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:


	September 30, 2016		December 31, 2015
Land and improvements	$	12,903	$	12,260
Buildings and improvements		73,739		71,711
Machinery and equipment		158,980		137,599
Construction in progress		3,868		3,369

		249,490		224,939
Less accumulated depreciation		142,163		132,974

	$	107,327	$	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.