NOTE 2 - INVENTORIES

At December 31, 2014, approximately 19% of the total inventories were accounted for by the LIFO method. Inventories, by component, consisted of:

	June 30,		December 31,
	2015		2014

Raw materials	$	100,872	$	108,618
Work in process	97,426		94,414
Finished goods	116,880		115,809

Total	315,178		318,841
Less LIFO reserve	--		(7,769		)

Total	$	315,178	$	311,072

As discussed in Note 1 above, the Company changed its inventory valuation method for certain operating entities in its North American business to the first-in first-out (FIFO) method from the last-in first-out (LIFO) method during the current quarter. Had this change not been implemented, the Company would have reported a LIFO reserve for the current quarter ended June 30, 2015 of $6,879 as compared to $7,427 for the quarter ended March 31, 2015 and $7,769 for the fiscal year ended December 31, 2014.