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Other Financial Statement Information | 9 Months Ended
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Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract] |
Other Financial Statement Information | NOTE C – OTHER FINANCIAL STATEMENT INFORMATION Inventories – net
|  | September 30, 2021 |  |  | December 31, 2020 |
Raw materials |  | $ | 67,033 |  |  | $ | 53,947 |
Work-in-process |  |  | 9,692 |  |  |  | 9,272 |
Finished Goods |  |  | 39,934 |  |  |  | 38,801 |
|  |  | 116,659 |  |  |  | 102,020 |
Excess of current cost over LIFO cost |  |  | (8,056 | ) |  |  | (4,483 | )
Net Inventory |  | $ | 108,603 |  |  | $ | 97,537 |
Cost of inventories for certain material is determined using the last-in-first-out (LIFO) method and totaled approximately $34.5 million at September 30, 2021 and $32.0 million at December 31, 2020. 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, 2021, the net change in LIFO inventories resulted in expense of $1.8 million and $3.6 million, respectively, to Income before income taxes. During the three and nine months ended September 30, 2020, the net change in LIFO inventories resulted $.1 million of income and $.1 million of expense, respectively, to Income before income taxes. Property, plant and equipment—net Major classes of Property, plant and equipment are stated at cost and were as follows:
|  | September 30, 2021 |  |  | December 31, 2020 |
Land and improvements |  | $ | 21,253 |  |  | $ | 22,132 |
Buildings and improvements |  |  | 99,628 |  |  |  | 97,909 |
Machinery, equipment and aircraft |  |  | 204,904 |  |  |  | 176,377 |
Construction in progress |  |  | 8,462 |  |  |  | 9,563 |
|  |  | 334,247 |  |  |  | 305,981 |
Less accumulated depreciation |  |  | (186,150 | ) |  |  | (180,016 | )
|  | $ | 148,097 |  |  | $ | 125,965 |
Legal proceedings The Company can be party to a variety of pending legal proceedings and claims arising in the normal course of business, including, but not limited to, litigation relating to employment, workers’ compensation, product liability, environmental and intellectual property. The Company has liability insurance to cover many of these claims. Although the outcomes of these matters are not predictable with certainty, the Company records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In the event the Company determines that a loss is not probable, but is reasonably possible, and the likelihood to develop what the Company believes to be a reasonable range of potential loss exists, the Company will include disclosure related to such matters. To the extent that there is a reasonable possibility the losses could exceed amounts already accrued, the Company will adjust the accrual in the period in which the determination is made, disclose an estimate of the additional loss or range of loss and if the amount of such adjustment cannot be reasonably estimated, disclose that an estimate cannot be made. As of September 30, 2021 and December 31, 2020, the Company has accrued approximately $2.2 million, representing its best estimate for losses to be incurred on a variety of global legal matters. The Company and its subsidiaries Helix Uniformed Ltd. (“Helix”) and Preformed Line Products (Canada) Limited (“PLPC Canada”), were each named, jointly and severally, with each of SNC-Lavalin ATP, Inc. (“SNC ATP”), HD Supply Canada Inc., by its trade names HD Supply Power Solutions and HD Supply Utilities (“HD Supply”), and Anixter Power Solutions Canada Inc. (the corporate successor to HD Supply), “Anixter” and, together with the Company, PLPC Canada, Helix, SNC ATP and HD Supply, the (“Defendants”) in a complaint filed by Altalink, L.P. (the “Plaintiff”) in the Court of Queen’s Bench of Alberta in Alberta, Canada in November 2016 (the “Complaint”). The Complaint states that Plaintiff engaged SNC ATP to design, engineer, procure and construct numerous power distribution and transmission facilities in Alberta (the “Projects”) and that through SNC ATP and HD Supply (now Anixter), spacer dampers manufactured by Helix were procured and installed in the Projects. The Complaint alleges that the spacer dampers have and may continue to become loose, open and detach from the conductors, resulting in damage and potential injury and a failure to perform the intended function of providing spacing and damping to the Project. The Plaintiffs are seeking an estimated $56.0 million Canadian dollars in damages jointly and severally from the Defendants, representing the costs of monitoring and replacing the spacer dampers and remediating property damage, due to alleged defects in the design and construction of, and supply of materials for, the Projects by SNC ATP and HD Supply/Anixter and in the design of the spacer dampers by Helix. The Company believes the claims against it are without merit and intends to vigorously defend against such claims. The Company is unable to predict the outcome of this case, however, it has recorded a reserve for the low end of the range for potential loss associated with this matter. If this matter is concluded in a manner adverse to the Company, it could have a material effect on the Company’s financial results. The Company is not a party to any other 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.

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