Note B - Other Financial Statement Information

Inventories – net


	December 31
	2015			2014

Finished products	$	37,812		$	41,634
Work-in-process		6,902			7,964
Raw materials		34,854			40,423

		79,568			90,021
Excess of current cost over LIFO cost		(3,538	)		(4,471	)
Noncurrent portion of inventory		(6,118	)		(5,513	)

	$	69,912		$	80,037

Costs for inventories of certain material are determined using the LIFO method and totaled approximately $26.8 million and $27.0 million at December 31, 2015 and 2014, respectively.

Property and equipment – net

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


	December 31
	2015		2014

Land and improvements	$	12,260	$	14,173
Buildings and improvements		71,711		75,587
Machinery and equipment		137,599		144,213
Construction in progress		3,369		3,382

		224,939		237,355
Less accumulated depreciation		132,974		134,824

	$	91,965	$	102,531

Depreciation of property and equipment was $10.3 million in 2015, $11.3 million in 2014 and $10.6 million in 2013. Machinery and equipment includes $.3 million of capital leases at December 31, 2015 and 2014.

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.