Note 4 - Inventories

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE

4

- INVENTORIES

Inventories are stated at the lower of cost or net realizable value. The costs for approximately

71%

of inventories at

September 30, 2018

and

72%

at

December 

31,

2017

were determined using the last-in,

first

-out (“LIFO”) method, with the remainder determined using the

first

-in,

first

-out (FIFO) method applied on a consistent basis. Replacement cost approximated current cost and the excess over LIFO cost was approximately

$62.9

million and

$59.7

million at

September 30, 2018

and

December 31, 2017,

respectively. An actual valuation of inventory under the LIFO method is made at the end of each year based on the inventory levels and costs at that time. Interim LIFO calculations are based on management’s estimate of expected year-end inventory levels and costs, and are subject to the final year-end LIFO inventory valuation.

Allowances for excess and obsolete inventory totaled

$5.2

million and

$4.9

million at

September 30, 2018

and

December 31, 2017,

respectively.

The major components of net inventories are as follows:

	September 30, 2018		December 31, 2017
Raw materials and in-process	$	22,039	$	17,528
Finished parts		50,525		48,247
Finished products		9,480		9,192
Total net inventories	$	82,044	$	74,967