View Filing Data

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2011	Feb. 29, 2012	Jun. 30, 2011
Document and Entity Information [Abstract]
Entity Registrant Name	PARK OHIO HOLDINGS CORP
Entity Central Index Key	0000076282
Document Type	10-K
Document Period End Date	Dec. 31, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 178,232,000
Entity Common Stock, Shares Outstanding		12,137,782

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Current Assets
Cash and cash equivalents	$ 78,001	$ 35,311
Accounts receivable, less allowances for doubtful accounts of $5,483 in 2011 and $6,011 in 2010	139,941	126,409
Inventories, net	202,039	192,542
Deferred tax assets	20,561	10,496
Unbilled contract revenue	18,778	12,751
Other current assets	8,790	12,800
Total Current Assets	468,110	390,309
Property, plant and equipment:
Land and land improvements	3,654	3,678
Buildings	47,594	47,479
Machinery and equipment	208,727	201,920
Property, Plant and Equipment, Gross	259,975	253,077
Less accumulated depreciation	198,165	184,294
Property, Plant and Equipment, Net	61,810	68,783
Other Assets:
Goodwill	9,463	9,100
Other	74,557	84,340
Total Assets	613,940	552,532
Current Liabilities
Trade accounts payable	99,588	95,695
Accrued expenses	73,651	59,487
Current portion of long-term debt	1,415	13,756
Current portion of other postretirement benefits	2,002	2,178
Total Current Liabilities	176,656	171,116
Long-Term Liabilities, less current portion
Senior Notes	250,000	183,835
Credit facility	93,000	113,300
Other long-term debt	3,165	5,322
Deferred tax liability	1,392	9,721
Other postretirement benefits and other long-term liabilities	24,285	22,863
Total Liabilities	371,842	335,041
Capital stock, par value $1 per share
Serial preferred stock: Authorized - 632,470 shares; Issued and outstanding - none
Common stock: Authorized - 40,000,000 shares; Issued - 13,813,774 shares in 2011 and 13,396,674 in 2010	13,814	13,397
Additional paid-in capital	70,248	68,085
Retained earnings (deficit)	10,392	(19,043)
Treasury stock, at cost, 1,673,926 shares in 2011 and 1,558,996 shares in 2010	(20,607)	(18,502)
Accumulated other comprehensive (loss) income	(8,405)	2,438
Total Shareholders' Equity	65,442	46,375
Total liabilities and shareholders' equity	$ 613,940	$ 552,532

Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Consolidated Balance Sheets [Abstract]
Allowances for doubtful accounts	$ 5,483	$ 6,011
Capital stock, par value	$ 1	$ 1
Serial preferred stock, shares authorized	632,470	632,470
Serial preferred stock, shares issued
Serial preferred stock, shares outstanding
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	13,813,774	13,396,674
Treasury stock, shares	1,673,926	1,558,996

Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Consolidated Statements of Operations [Abstract]
Net sales	$ 966,573	$ 813,522	$ 701,047
Cost of products sold	799,248	679,425	597,200
Gross profit	167,325	134,097	103,847
Selling, general and administrative expenses	105,582	91,755	87,786
Restructuring and asset impairment charges	5,359	3,539	5,206
Operating income	56,384	38,803	10,855
Gain on purchase of 8.375% senior subordinated notes	0	0	(6,297)
Gain on acquisition of business	0	(2,210)	0
Interest expense	32,152	23,792	23,189
Income (loss) before income taxes	24,232	17,221	(6,037)
Income tax (benefit) expense	(5,203)	2,034	(828)
Net income (loss)	$ 29,435	$ 15,187	$ (5,209)
Amounts per common share:
Basic	$ 2.54	$ 1.34	$ (0.47)
Diluted	$ 2.45	$ 1.29	$ (0.47)

Consolidated Statements of Operations (Parenthetical) (Senior Subordinated Notes 2)	Dec. 31, 2009
Senior Subordinated Notes 2
Senior notes, interest rate	8.375%

Consolidated Statements of Shareholders' Equity (USD $) In Thousands, unless otherwise specified	Total	Common Stock	Additional Paid-In Capital	Retained Earnings (Deficit)	Treasury Stock	Accumulated Other Comprehensive Income (Loss)
Balance at Dec. 31, 2008	$ 12,755	$ 12,237	$ 64,212	$ (29,021)	$ (17,192)	$ (17,481)
Comprehensive income (loss):
Net income (loss)	(5,209)			(5,209)
Foreign currency translation adjustment	2,968					2,968
Unrealized loss on marketable securities, net of income tax of $182	413					413
Pension and postretirement benefit adjustments, net of income tax of $1,179, $1,143, $5,571 for the period ending 2009, 2010 and 2011 respectively	8,986					8,986
Comprehensive income	7,158
Restricted stock award, net of forfeiture		627	(627)
Amortization of restricted stock	1,969		1,969
Purchase of treasury stock (30,445 shares), (85,027 shares) and (114,930 shares) in 2009, 2010 and 2011 respectively	(251)				(251)
Exercise of stock options (410,000 shares), (23,166 shares) and (223,300 shares) for the year ending 2009, 2010 and 2011 respectively	783	410	373
Share-based compensation	396		396
Balance at Dec. 31, 2009	22,810	13,274	66,323	(34,230)	(17,443)	(5,114)
Comprehensive income (loss):
Net income (loss)	15,187			15,187
Foreign currency translation adjustment	(711)					(711)
Pension and postretirement benefit adjustments, net of income tax of $1,179, $1,143, $5,571 for the period ending 2009, 2010 and 2011 respectively	8,263					8,263
Comprehensive income	22,739
Amortization of restricted stock	1,463		1,463
Restricted share units exchange for restricted stock		13	(13)
Restricted stock awards		101	(101)
Restricted stock cancelled		(14)	14
Purchase of treasury stock (30,445 shares), (85,027 shares) and (114,930 shares) in 2009, 2010 and 2011 respectively	(1,059)				(1,059)
Exercise of stock options (410,000 shares), (23,166 shares) and (223,300 shares) for the year ending 2009, 2010 and 2011 respectively	150	23	127
Share-based compensation	272		272
Balance at Dec. 31, 2010	46,375	13,397	68,085	(19,043)	(18,502)	2,438
Comprehensive income (loss):
Net income (loss)	29,435			29,435
Foreign currency translation adjustment	(1,387)					(1,387)
Pension and postretirement benefit adjustments, net of income tax of $1,179, $1,143, $5,571 for the period ending 2009, 2010 and 2011 respectively	(9,456)					(9,456)
Comprehensive income	18,592
Amortization of restricted stock	1,988		1,988
Restricted stock awards		194	(194)
Purchase of treasury stock (30,445 shares), (85,027 shares) and (114,930 shares) in 2009, 2010 and 2011 respectively	(2,105)				(2,105)
Exercise of stock options (410,000 shares), (23,166 shares) and (223,300 shares) for the year ending 2009, 2010 and 2011 respectively	494	223	271
Share-based compensation	98		98
Balance at Dec. 31, 2011	$ 65,442	$ 13,814	$ 70,248	$ 10,392	$ (20,607)	$ (8,405)

Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Unrealized loss on marketable securities, net of income tax			$ 182
Pension and postretirement benefit adjustments, net of income tax	5,571	1,143	1,179
Treasury stock, shares purchased	114,930	85,027	30,445
Exercise of stock options	223,300	23,166	410,000
Common Stock
Exercise of stock options	223,300	23,166	410,000
Additional Paid-In Capital
Exercise of stock options	223,300	23,166	410,000
Treasury Stock
Treasury stock, shares purchased	114,930	85,027	30,445
Accumulated Other Comprehensive Income (Loss)
Unrealized loss on marketable securities, net of income tax			182
Pension and postretirement benefit adjustments, net of income tax	$ 5,571	$ 1,143	$ 1,179

- Definition

Tax effects of the increase (decrease) to accumulated comprehensive income during the period related to benefit plans. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label.

+ References+ Details

- Definition

Tax effect on gross appreciation or the gross loss in value of the total of unsold securities during the period being reported on.

+ References+ Details

- Definition

Number of share options (or share units) exercised during the current period.

+ References+ Details

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
OPERATING ACTIVITIES
Net income (loss)	$ 29,435	$ 15,187	$ (5,209)
Adjustments to reconcile net income (loss) to net cash provided by operations:
Depreciation and amortization	16,177	17,132	18,918
Restructuring and asset impairment charges	5,359	3,539	5,206
Debt extinguishment costs	7,335	0	0
Gain on purchase of 8.375% senior subordinated notes	0	0	(6,297)
Gain on acquisition of business	0	(2,210)	0
Deferred income taxes	(12,817)	(1,126)	(1,842)
Share-based compensation expense	2,086	1,735	2,365
Changes in operating assets and liabilities excluding acquisitions of businesses:
Accounts receivable	(13,533)	(7,624)	61,136
Inventories and other current assets	(8,763)	10,067	46,701
Accounts payable and accrued expenses	18,057	28,068	(82,113)
Other	(7,475)	2,291	5,000
Net cash provided by operating activities	35,861	67,059	43,865
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(12,673)	(3,951)	(5,575)
Business acquisitions, net of cash acquired	0	(25,900)	0
Proceeds from the sale of property	1,575	0	0
Purchases of marketable securities	0	0	(62)
Sales of marketable securities	0	0	865
Net cash used by investing activities	(11,098)	(29,851)	(4,772)
FINANCING ACTIVITIES
(Payments) on term loans and other debt	(37,598)	(8,944)	(2,099)
Bank debt issue costs	(1,079)	(4,142)	0
Proceeds from (payments on) revolving credit facility	2,800	(11,000)	(23,400)
Issuance of 8.125% senior notes due 2021, net of deferred financing costs	244,970	0	0
Redemption of 8.375% senior subordinated notes due 2014	(189,555)	0	0
Purchase of 8.375% senior subordinated notes	0	0	(8,853)
Issuance of common stock under stock option plan	494	150	783
Purchase of treasury stock	(2,105)	(1,059)	(251)
Net cash provided (used) by financing activities	17,927	(24,995)	(33,820)
Increase in cash and cash equivalents	42,690	12,213	5,273
Cash and cash equivalents at beginning of year	35,311	23,098	17,825
Cash and cash equivalents at end of year	78,001	35,311	23,098
Income taxes paid	4,648	1,217	3,146
Interest paid (includes $5,720 of senior subordinated notes redemption costs in 2011)	$ 26,993	$ 23,324	$ 23,018

Consolidated Statements of Cash Flows (Parenthetical) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2011 Senior Notes	Dec. 31, 2011 Senior Subordinated Notes	Dec. 31, 2009 Senior Subordinated Notes 3
Senior notes, interest rate		8.125%	8.375%	8.375%
Redemption costs in senior subordinated notes	$ 5,720

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2011

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE A — Summary of Significant Accounting Policies

Consolidation and Basis of Presentation: The consolidated financial statements include the accounts of the Company and all of its subsidiaries. All significant intercompany accounts and transactions have been eliminated upon consolidation. The Company does not have off-balance sheet arrangements or financings with unconsolidated entities or other persons. In the ordinary course of business, the Company leases certain real properties owned by related parties as described in Note L. Transactions with related parties are in the ordinary course of business, are conducted on an arm’s-length basis, and are not material to the Company’s financial position, results of operations or cash flows.

Accounting Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash Equivalents: The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

Inventories: Inventories are stated at the lower of first-in, first-out (“FIFO”) cost or market value. Inventory reserves were $24,881 and $22,788 at December 31, 2011 and 2010, respectively. Inventory consigned to others was $6,546 and $6,940 at December 31, 2011 and 2010, respectively.

Major Classes of Inventories


	December 31,
	2011		2010
Finished goods	$	122,010	$	116,202
Work in process		20,660		24,339
Raw materials and supplies		59,369		52,001

	$	202,039	$	192,542

Property, Plant and Equipment: Property, plant and equipment are carried at cost. Additions and associated interest costs are capitalized and expenditures for repairs and maintenance are charged to operations. Depreciation of fixed assets is computed principally by the straight-line method based on the estimated useful lives of the assets ranging from 25 to 40 years for buildings, and 3 to 20 years for machinery and equipment. The Company reviews long-lived assets for impairment when events or changes in business conditions indicate that their full carrying value may not be recoverable. See Note O.

Impairment of Long-Lived Assets: We assess the recoverability of long-lived assets (excluding goodwill) and identifiable acquired intangible assets with finite useful lives, whenever events or changes in circumstances indicate that we may not be able to recover the assets’ carrying amount. We measure the recoverability of assets to be held and used by a comparison of the carrying amount of the asset to the expected net future undiscounted cash flows to be generated by that asset, or, for identifiable intangibles with finite useful lives, by determining whether the amortization of the intangible asset balance over its remaining life can be recovered through undiscounted future cash flows. The amount of impairment of identifiable intangible assets with finite useful lives, if any, to be recognized is measured based on projected discounted future cash flows. We measure the amount of impairment of other long-lived assets (excluding goodwill) as the amount by which the carrying value of the asset exceeds the fair market value of the asset, which is generally determined, based on projected discounted future cash flows or appraised values. We classify long-lived assets to be disposed of other than by sale as held and used until they are disposed.

Goodwill and Other Intangible Assets: In accordance with Accounting Standards Codification (“ASC”) 350, “Intangibles — Goodwill and Other” (“ASC 350”), the Company does not amortize goodwill recorded in connection with business acquisitions. Other intangible assets, which consist primarily of non-contractual customer relationships, are amortized over their estimated useful lives.

Goodwill and indefinite life intangible assets are tested annually for impairment as of October 1, or whenever events or changes in circumstances indicate there may be a possible permanent loss of value in accordance with ASC 350, Intangibles — Goodwill and Other.

Goodwill is tested for impairment at the reporting unit level and is based on the net assets for each reporting unit, including goodwill and intangible assets. In September 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update “ASU” 2011-08, which amends the rules for testing goodwill for impairment. Under the new rules, an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The Company early adopted ASU 2011-08 for its October 1, 2011 annual goodwill impairment test.

In assessing the qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we identify and assess relevant drivers of fair value and events and circumstances that may impact the fair value and the carrying amount of the reporting unit. The identification of relevant events and circumstances and how these may impact a reporting unit’s fair value or carrying amount involve significant judgments and assumptions. The judgment and assumptions include the identification of macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, Company-specific events and share price trends, and the assessment of whether each relevant factor will impact the impairment test positively or negatively and the magnitude of any such impact.

If our qualitative assessment concludes that it is more likely than not that impairment exists then a quantitative assessment is required. In a quantitative assessment, we use an income approach and other valuation techniques to estimate the fair value of our reporting units. Absent an indication of fair value from a potential buyer or similar specific transactions, we believe that using this methodology provides reasonable estimates of a reporting unit’s fair value. The income approach is based on projected future debt-free cash flow that is discounted to present value using factors that consider the timing and risk of the future cash flows. We believe that this approach is appropriate because it provides a fair value estimate based upon the reporting unit’s expected long-term operating and cash flow performance. This approach also mitigates most of the impact of cyclical downturns that occur in the reporting unit’s industry. The income approach is based on a reporting unit’s projection of operating results and cash flows that is discounted using a weighted-average cost of capital. The projection is based upon our best estimates of projected economic and market conditions over the related period including growth rates, estimates of future expected changes in operating margins and cash expenditures. Other significant estimates and assumptions include terminal value growth rates, terminal value margin rates, future capital expenditures and changes in future working capital requirements based on management projections. There are inherent uncertainties, however, related to these factors and to our judgment in applying them to this analysis. Nonetheless, we believe that this method provides a reasonable approach to estimate the fair value of our reporting units.

The Company completed its annual goodwill impairment test for each year presented and confirmed no reporting unit was at risk of failing the impairment test for any periods presented herein.

Stock-Based Compensation: The Company follows the provisions of ASC 718, “Compensation — Stock Compensation” (“ASC 718”), which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values.

Additional information regarding our share-based compensation program is provided in Note I.

Income Taxes: The Company accounts for income taxes under the asset and liability method, whereby deferred tax assets and liabilities are determined based on temporary differences between the financial reporting and the tax bases of assets and liabilities and are measured using the current enacted tax rates. In determining these amounts, management determined the probability of realizing deferred tax assets, taking into consideration factors including historical operating results, cumulative earnings and losses, expectations of future earnings, taxable income and the extended period of time over which the postretirement benefits will be paid and accordingly records valuation allowances if, based on the weight of available evidence it is more likely than not that some portion or all of our deferred tax assets will not be realized as required by ASC 740, “Income Taxes” (“ASC 740”).

Revenue Recognition: The Company recognizes revenue, other than from long-term contracts, when title is transferred to the customer, typically upon shipment. Revenue from long-term contracts (approximately 12% of consolidated revenue) is accounted for under the percentage of completion method, and recognized on the basis of the percentage each contract’s cost to date bears to the total estimated contract cost. Revenue earned on contracts in process in excess of billings is classified in unbilled contract revenues in the accompanying consolidated balance sheet.

Accounts Receivable and Allowance for Doubtful Accounts: Accounts receivable are recorded at net realizable value. Accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future. The Company’s policy is to identify and reserve for specific collectability concerns based on customers’ financial condition and payment history. During 2011 and 2010, we sold approximately $63,202 and $37,272, respectively, of accounts receivable to mitigate accounts receivable concentration risk and to provide additional financing capacity. In compliance with ASC 860, “Transfers and Servicing”, sales of accounts receivable are reflected as a reduction of accounts receivable in the Consolidated Balance Sheets and the proceeds are included in the cash flows from operating activities in the Consolidated Statements of Cash flows. In 2011 and 2010, a loss in the amount of $281 and $165, respectively, related to the sale of accounts receivable is recorded in the Consolidated Statements of Operations. These losses represented implicit interest on the transactions.

Software Development Costs: Software development costs incurred subsequent to establishing feasibility through the general release of the software products are capitalized and included in other assets in the consolidated balance sheet. Technological feasibility is demonstrated by the completion of a working model. All costs prior to the development of the working model are expensed as incurred. Capitalized costs are amortized on a straight-line basis over five years, which is the estimated useful life of the software product. Amortization expense was $1,533, $2,213 and $1,454 in 2011, 2010 and 2009, respectively.

Concentration of Credit Risk: The Company sells its products to customers in diversified industries. The Company performs ongoing credit evaluations of its customers’ financial condition but does not require collateral to support customer receivables. The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. As of December 31, 2011, the Company had uncollateralized receivables with three customers in the automotive industry, each with several locations, aggregating $9,529, which represented approximately 8% of the Company’s trade accounts receivable. During 2011, sales to these customers amounted to approximately $72,871, which represented approximately 8% of the Company’s net sales.

Shipping and Handling Costs: All shipping and handling costs are included in cost of products sold in the Consolidated Statements of Operations.

Environmental: The Company accrues environmental costs related to existing conditions resulting from past or current operations and from which no current or future benefit is discernible. Costs that extend the life of the related property or mitigate or prevent future environmental contamination are capitalized. The Company records a liability when environmental assessments and/or remedial efforts are probable and can be reasonably estimated. The estimated liability of the Company is not discounted or reduced for possible recoveries from insurance carriers.

Foreign Currency Translation: The functional currency for a majority of subsidiaries outside the United States is the local currency. Financial statements for these subsidiaries are translated into U.S. dollars at year-end exchange rates as to assets and liabilities and weighted-average exchange rates as to revenues and expenses. The resulting translation adjustments are recorded in accumulated comprehensive income (loss) in shareholders’ equity.

Accounting Pronouncements Not Yet Adopted

In June 2011, the FASB issued ASU No. 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income”. ASU No. 2011-05 amends existing guidance by allowing only two options for presenting the components of net income and other comprehensive income: (1) in a single continuous financial statement, statement of comprehensive income or (2) in two separate but consecutive financial statements, consisting of an income statement followed by a separate statement of other comprehensive income. Also, items that are reclassified from other comprehensive income to net income must be presented on the face of the financial statements. ASU No. 2011-05 requires retrospective application, and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, with early adoption permitted. In December 2011, the FASB issued ASU 2011-12, deferring its requirement that companies present reclassification adjustments for each component of accumulated other comprehensive income in both net income and OCI on the face of the financial statements. Entities continue to be required to present amounts reclassified out of accumulated other comprehensive income on the face of the financial statements or to disclose those amounts in the notes to the financial statements. The requirement to present reclassification adjustments in interim periods was also deferred. However, entities are required to report a total for comprehensive income in condensed financial statements of interim periods in a single continuous statement or in two consecutive statements. The FASB is reconsidering the presentation requirements for reclassification adjustments.

The Company plans to adopt ASU No. 2011-05 in the first quarter of fiscal 2012. The Company believes the adoption of ASU No. 2011-05 will change the order in which certain financial statements are presented and provide additional detail on those financial statements when applicable, but will not have any other impact on its consolidated financial statements.

In May 2011, the FASB amended ASC 820, “Fair Value Measurement.” This amendment is intended to result in convergence between U.S. GAAP and International Financial Reporting Standards (“IFRS”) requirements for measurement of and disclosures about fair value. This guidance clarifies the application of existing fair value measurements and disclosures, and changes certain principles or requirements for fair value measurements and disclosures. The amendment is effective for interim and annual periods beginning after December 15, 2011. The adoption of this amendment will not have a material impact on our consolidated financial statements.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

Segments

12 Months Ended

Dec. 31, 2011

Segments [Abstract]

Segments

NOTE B — Segments

The Company operates through three segments: Supply Technologies, Aluminum Products and Manufactured Products. Supply Technologies provides our customers with Total Supply Management^TM services for a broad range of high-volume, specialty production components. Total Supply Management^TM manages the efficiencies of every aspect of supplying production parts and materials to our customers’ manufacturing floor, from strategic planning to program implementation and includes such services as engineering and design support, part usage and cost analysis, supplier selection, quality assurance, bar coding, product packaging and tracking, just-in-time and point-of-use delivery, electronic billing services and ongoing technical support. The principal customers of Supply Technologies are in the heavy-duty truck, automotive and vehicle parts, electrical distribution and controls, consumer electronics, power sports/fitness equipment, HVAC, agricultural and construction equipment, semiconductor equipment, plumbing, aerospace and defense, and appliance industries. Aluminum Products manufactures cast aluminum components for automotive, agricultural equipment, construction equipment, heavy-duty truck and marine equipment industries. Aluminum Products also provides value-added services such as design and engineering, machining and assembly. Manufactured Products operates a diverse group of niche manufacturing businesses that design and manufacture a broad range of high quality products engineered for specific customer applications. The principal customers of Manufactured Products are original equipment manufacturers and end users in the steel, coatings, forging, foundry, heavy-duty truck, construction equipment, automotive, oil and gas, rail and locomotive manufacturing and aerospace and defense industries.

The Company’s sales are made through its own sales organization, distributors and representatives. Intersegment sales are immaterial and eliminated in consolidation and are not included in the figures presented. Intersegment sales are accounted for at values based on market prices. Income allocated to segments excludes certain corporate expenses and interest expense. Identifiable assets by industry segment include assets directly identified with those operations.

Corporate assets generally consist of cash and cash equivalents, deferred tax assets, property and equipment, and other assets.


	Year Ended December 31,
	2011			2010			2009
Net sales:
Supply Technologies	$	492,974		$	402,169		$	328,805
Aluminum Products		127,044			143,672			111,388
Manufactured Products		346,555			267,681			260,854

	$	966,573		$	813,522		$	701,047

Income (loss) before income taxes:
Supply Technologies	$	32,565		$	22,216		$	8,531
Aluminum Products		1,781			6,582			(5,155	)
Manufactured Products		43,671			28,739			26,472

		78,017			57,537			29,848
Corporate costs		(16,274	)		(15,195	)		(13,787	)
Gain on purchase of 8.375% senior subordinated notes		-0-			-0-			6,297
Gain on acquisition of business		-0-			2,210			-0-
Asset impairment charge		(5,359	)		(3,539	)		(5,206	)
Interest expense (includes $7,335 of debt extinguishment costs in 2011)		(32,152	)		(23,792	)		(23,189	)

	$	24,232		$	17,221		$	(6,037	)

Identifiable assets:
Supply Technologies	$	228,629		$	217,915		$	207,729
Aluminum Products		61,002			66,219			76,443
Manufactured Products		203,782			188,017			178,715
General corporate		120,527			80,381			39,381

	$	613,940		$	552,532		$	502,268

Depreciation and amortization expense:
Supply Technologies	$	4,632		$	5,272		$	4,812
Aluminum Products		5,844			6,488			7,556
Manufactured Products		5,159			5,001			6,022
General corporate		542			371			528

	$	16,177		$	17,132		$	18,918

Capital expenditures:
Supply Technologies	$	1,463		$	1,613		$	2,380
Aluminum Products		7,015			156			1,385
Manufactured Products		1,472			2,138			2,006
General corporate		2,723			44			(196	)

	$	12,673		$	3,951		$	5,575

The percentage of net sales by product line included in each segment were as follows:


	Year Ended December 31,
	2011			2010			2009
Manufactured Products:
Capital equipment		76	%		73	%		68	%
Forged and machined products		17	%		18	%		26	%
Rubber products		7	%		9	%		6	%

		100	%		100	%		100	%

Supply Technologies:
Supply Technologies		87	%		86	%		88	%
Engineered specialty products		12	%		13	%		11	%
Other		1	%		1	%		1	%

		100	%		100	%		100	%

The Company’s approximate percentage of net sales by geographic region were as follows:


	Year Ended December 31,
	2011			2010			2009
United States		76	%		73	%		73	%
Asia		9	%		10	%		9	%
Canada		5	%		6	%		6	%
Mexico		3	%		3	%		2	%
Europe		5	%		5	%		9	%
Other		2	%		3	%		1	%

		100	%		100	%		100	%

The basis for attributing revenue to individual countries is final shipping destination.

At December 31, 2011, 2010 and 2009, approximately 68%, 75% and 77%, respectively, of the Company’s assets were maintained in the United States.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 33

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 34

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 29

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 35

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 41

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 32

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 131

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 30

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 40

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 42

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 31

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

+ Details

Acquisitions

12 Months Ended

Dec. 31, 2011

Acquisitions [Abstract]

Acquisitions

NOTE C — Acquisitions

Effective August 31, 2010, the Company completed the acquisition of certain assets and assumed specific liabilities relating to Assembly Components Systems (“ACS”) business unit of Lawson Products, Inc. for $16,000 in cash and a $2,160 subordinated promissory note payable in equal quarterly installments over three years. ACS is a provider of supply chain management solutions for a broad range of production components through its service centers throughout North America. The net assets acquired were integrated into the Company’s Supply Technologies business segment. The fair value of the net assets acquired of $20,370 exceeded the total purchase price and, accordingly, resulted in a gain on acquisition of business of $2,210. Net sales of $16,931 were added to the Company’s Supply Technologies business segment in 2010 since the date of acquisition. The acquisition was accounted for under the acquisition method of accounting. Under the acquisition method of accounting, the total estimated purchase price is allocated to ACS’s tangible assets and intangible assets acquired and liabilities assumed based on their estimated fair values as of August 31, 2010, the effective date of the acquisition. Based on management’s valuation of the fair value of tangible and intangible assets acquired and liabilities assumed which are based on estimates and assumptions, the purchase price is allocated as follows:


Accounts receivable	$	9,059
Inventories		16,711
Prepaid expenses and other current assets		42
Property, plant and equipment		299
Customer relationships		990
Accounts payable		(5,047	)
Accrued expenses		(330	)
Deferred tax liability		(1,354	)
Gain on acquisition		(2,210	)

Total purchase price	$	18,160

Direct transaction costs associated with this acquisition included in selling, general and administrative expenses during the year ended December 31, 2010 were approximately $346.

On September 30, 2010, the Company entered a Bill of Sale with Rome Die Casting LLC (“Rome”), a producer of aluminum high pressure die castings, pursuant to which, Rome agreed to transfer to the Company substantially all of the assets of Rome in exchange for approximately $7,500 of notes receivable from Rome. The assets of Rome were integrated into the Company’s aluminum segment. Net sales of $7,031 were added to the Company’s Aluminum segment in 2010 since the date of acquisition. The acquisition was accounted for under the acquisition method of accounting. Under the acquisition method of accounting, the purchase price is allocated to Rome’s tangible assets and intangible assets acquired and liabilities assumed based on their estimated fair values as of September 30, 2010, the effective date of the acquisition. Based on management’s valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, the purchase price is as follows:


Accounts receivable	$	1,918
Inventories		1,000
Property, plant and equipment		2,800
Accounts payable		(2,314	)
Accrued expenses		(516	)
Goodwill		4,572

Total purchase price	$	7,460

Direct transaction costs associated with this acquisition included in selling, general and administrative expenses during the year ended December 31, 2010 were approximately $256.

On December 31, 2010, the Company, through its subsidiary Ajax Tocco Magnathermic, acquired the assets and the related induction heating intellectual property of ABP Induction’s United States heating business operating as Pillar Induction (“Pillar”). Pillar provides complete turnkey automated induction power systems and aftermarket parts and service to a worldwide market.

The assets of Pillar have been integrated into the Company’s manufactured products segment. The acquisition was accounted for under the acquisition method of accounting. Under the acquisition method of accounting, the total estimated purchase price is allocated to Pillar’s net tangible assets and intangible assets acquired and liabilities assumed based on their estimated fair values as of December 31, 2010, the effective date of the acquisition. Based on management’s valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the purchase price is allocated as follows:


Accounts receivable	$	3,164
Inventories		2,782
Prepaid expenses and other current assets		178
Property, plant and equipment		447
Customer relationships		3,480
Technological know how		1,890
Trade name and other intangible assets		710
Accounts payable		(1,202	)
Accrued expenses		(2,133	)
Goodwill		990

Total purchase price	$	10,306

The purchase price allocation was finalized during March 2011 and reflects the working capital adjustment as of December 31, 2010. There were no significant direct transaction costs included in selling, general and administrative expenses during the year ended December 31, 2011.

The following unaudited pro forma information is provided to present a summary of the combined results of the Company’s operations with ACS, Rome and Pillar as if the acquisitions had occurred on January 1, 2009. The unaudited pro forma financial information is for informational purposes only and is not necessarily indicative of what the results would have been had the acquisitions been completed at the date indicated above.


	Year Ended December 31,
	2010		2009
Pro forma revenues	$	881,271	$	770,603
Pro forma net income (loss)	$	15,072	$	(12,744	)
Earnings per share:
Basic	$	1.33	$	1.16
Diluted	$	1.28	$	1.16

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141

-Paragraph 51, 52

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1500-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 30

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e7000-128479

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 30

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e6927-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 30

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e7008-128479

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1490-128463

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e6996-128479

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4922-128472

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4934-128472

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Appendix F

-Paragraph F4

-Subparagraph e

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1383-128463

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1392-128463

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1497-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 67-73

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1524-128463

Reference 17: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 88-16

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 18: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1486-128463

Reference 19: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472

+ Details

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2011

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

NOTE D — Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2011, 2010 and 2009 were as follows:


	Supply Technologies		Aluminum		Manufactured Products			Total
Balance at January 1, 2009	$	-0-	$	-0-	$	4,109		$	4,109
Foreign Currency Translation		-0-		-0-		46			46

Balance at December 31, 2009		-0-		-0-		4,155			4,155
Foreign Currency Translation		-0-		-0-		(211	)		(211	)
Acquisitions		-0-		4,572		584			5,156

Balance at December 31, 2010		-0-		4,572		4,528			9,100
Foreign Currency Translation		-0-		-0-		(43	)		(43	)
Finalization of Pillar Purchase Price Allocation		-0-		-0-		406			406

Balance at December 31, 2011	$	-0-	$	4,572	$	4,891		$	9,463

Other intangible assets were acquired in connection with acquisitions. Information regarding other intangible assets as of December 31, 2011 and 2010 follows:


			2011						2010
	Acquisition Costs		Accumulated Amortization		Net		Acquisition Costs		Accumulated Amortization		Net
Non-contractual customer relationships	$	11,670	$	3,320	$	8,350	$	11,670	$	2,422	$	9,248
Other		3,420		1,046		2,374		3,420		495		2,925

	$	15,090	$	4,366	$	10,724	$	15,090	$	2,917	$	12,173

Amortization of other intangible assets was $1,449 for the year ended December 31, 2011, $745 for the year ended December 31, 2010 and $724 for the year ended December 31, 2009. Amortization expense for each of the five years following December 31, 2011 is approximately $1,140 in 2012, $1,086 in 2013 and $1,028 for each of the three subsequent years thereafter. The weighted-average amortization period for the acquired intangible assets was 11.5 years.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References+ Details

Other Assets

12 Months Ended

Dec. 31, 2011

Other Assets [Abstract]

Other Assets

NOTE E — Other Assets

Other assets consists of the following:


	December 31,
	2011		2010
Pension assets	$	49,575	$	60,786
Deferred financing costs, net		7,253		3,695
Software development costs		1,920		2,292
Intangible assets subject to amortization		10,724		12,173
Other		5,085		5,394

Totals	$	74,557	$	84,340

Accrued Expenses

12 Months Ended

Dec. 31, 2011

Accrued Expenses [Abstract]

Accrued Expenses

NOTE F — Accrued Expenses

Accrued expenses include the following:


	December 31,
	2011		2010
Accrued salaries, wages and benefits	$	15,771	$	13,832
Advance billings		30,180		23,218
Warranty accrual		4,208		4,046
Interest payable		5,106		2,504
Taxes, income and other		4,331		3,252
Other		14,055		12,635

Totals	$	73,651	$	59,487

Substantially all advance billings and warranty accruals relate to the Company’s capital equipment businesses.

The changes in the aggregate product warranty liability are as follows for the year ended December 31, 2011, 2010 and 2009:


	2011			2010			2009
Balance at beginning of year	$	4,046		$	2,760		$	5,402
Claims paid during the year		(3,421	)		(1,260	)		(3,367	)
Warranty expense		3,583			2,294			704
Other		-0-			252			21

Balance at end of year	$	4,208		$	4,046		$	2,760

Financing Arrangements

12 Months Ended

Dec. 31, 2011

Financing Arrangements [Abstract]

Financing Arrangements

NOTE G — Financing Arrangements

Long-term debt consists of the following:


	December 31,
	2011		2010
8.125% senior notes due 2021	$	250,000	$	-0-
8.375% senior subordinated notes due 2014		-0-		183,835
Revolving credit		93,000		90,200
Term Loan A		-0-		25,900
Term Loan B		-0-		8,400
Other		4,580		7,878

		347,580		316,213
Less current maturities		1,415		13,756

Total	$	346,165	$	302,457

On April 7, 2011, the Company completed the sale of $250,000 in the aggregate principal amount of 8.125% senior notes due 2021 (the “Notes”). The Notes bear an interest rate of 8.125% per annum, payable semi-annually in arrears on April 1 and October 1 of each year commencing on October 1, 2011. The Notes mature on April 1, 2021. The Company is a party to a credit and security agreement dated November 5, 2003, as amended with a group of banks, under which it may borrow or issue standby letters of credit or commercial letters of credit. In connection with the sale of the Notes, the Company also entered into a fourth amended and restated credit agreement (the “Amended Credit Agreement”). The Amended Credit Agreement among other things, provides an increased credit facility up to $200,000, extends the maturity date of the facility to April 7, 2016 and amends fee and pricing terms. Furthermore, the Company has the option, pursuant to the Amended Credit Agreement, to increase the availability under the revolving credit facility by $50,000. At December 31, 2011, in addition to amounts borrowed under the revolving credit facility, there was $7,387 outstanding for standby letters of credit. An annual fee of up to .5% is imposed by the bank on the unused borrowing capacity and is based on the total aggregate credit facility used. Amounts borrowed under the revolving credit facility may be borrowed either (i) LIBOR plus 1.75% to 2.75% or the bank’s prime lending rate minus 1% at the Company’s election. The interest rate is dependent on the Company’s debt service coverage ratio, as defined in the Amended Credit Agreement. At December 31, 2011 the Company had approximately $68,140 of unused borrowing capacity available under the revolving credit facility. The Company also purchased all of its outstanding $183,835 aggregate principal amount of 8.375% senior subordinated notes due 2014 that were not held by its affiliates, repaid all of the term loan A and term loan B outstanding under its then existing credit facility and retired the 8.375% senior subordinated notes due 2014 totaling $26,165 that were held by an affiliate. The Company incurred debt extinguishment costs related primarily to premiums and other transaction costs associated with the tender and early redemption and wrote off deferred financing costs totaling $7,335 and recorded a provision for foreign income taxes of $2,100 resulting from the retirement of the 8.375% senior subordinated notes due 2014 that were held by an affiliate.

Maturities of long-term debt during each of the five years following December 31, 2011 are approximately $1,415 in 2012, $500 in 2013, $500 in 2014, $500 in 2015 and $93,500 in 2016.

Foreign subsidiaries of the Company had borrowings of $0 and $1,299 at December 31, 2011 and 2010, respectively and outstanding bank guarantees of approximately $8,318 at December 31, 2011 under their credit arrangements.

The Notes are general unsecured senior obligations of the Company and are fully and unconditionally guaranteed on a joint and several basis by all material domestic subsidiaries of the Company. Provisions of the indenture governing the Notes and the Credit Agreement contain restrictions on the Company’s ability to incur additional indebtedness, to create liens or other encumbrances, to make certain payments, investments, loans and guarantees and to sell or otherwise dispose of a substantial portion of assets or to merge or consolidate with an unaffiliated entity. At December 31, 2011, the Company was in compliance with all financial covenants of the Credit Agreement.

The weighted average interest rate on all debt was 6.44% at December 31, 2011.

The carrying value of cash and cash equivalents, accounts receivable, accounts payable and borrowings under the Credit Agreement approximate fair value at December 31, 2011 and 2010. The approximate fair value of the Notes was $247,500 at December 31, 2011. The approximate fair value of the 8.375% senior subordinated notes due 2014 was $187,512 at December 31, 2010.

In 2009, a foreign subsidiary of the Company purchased $15,150 aggregate principal amount of the 8.375% senior subordinated notes due 2014 for $8,853 and recorded a net gain of $6,297.

Income Taxes

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Income Taxes

NOTE H — Income Taxes

Income (loss) from continuing operations before income tax expense consists of the following:


	Year Ended December 31
	2011		2010		2009
United States	$	13,844	$	6,723	$	(10,160	)
Outside the United States		10,388		10,498		4,123

	$	24,232	$	17,221	$	(6,037	)

Income taxes consisted of the following:


	Year Ended December 31,
	2011			2010			2009
Current (benefit) expense:
Federal	$	(41	)	$	61		$	(147	)
State		497			573			179
Foreign		7,158			2,526			982

		7,614			3,160			1,014
Deferred:
Federal		(9,661	)		(2,014	)		(1,231	)
State		(2,563	)		689			(39	)
Foreign		(593	)		199			(572	)

		(12,817	)		(1,126	)		(1,842	)

Income tax (benefit) expense	$	(5,203	)	$	2,034		$	(828	)

The reasons for the difference between income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes are as follows:


Rate Reconciliation	2011			2010			2009
Tax at statutory rate	$	8,477		$	6,027		$	(2,113	)
Effect of state income taxes, net		153			1,048			(161	)
Effect of foreign operations		2,910			1,472			1,247
Valuation allowance, federal and foreign		(16,820	)		(6,475	)		(1,815	)
Non-deductable items		378			480			735
Gain on asset purchase		-0-			(772	)		-0-
Other, net		(301	)		254			1,279

Total	$	(5,203	)	$	2,034		$	(828	)

Significant components of the Company’s net deferred tax assets and liabilities are as follows:


	December 31,
	2011			2010
Deferred tax assets:
Postretirement benefit obligation	$	6,970		$	7,003
Inventory		11,682			12,363
Net operating loss and credit carryforwards		9,677			16,184
Goodwill		1,862			3,177
Other		12,725			11,138

Total deferred tax assets		42,916			49,865
Deferred tax liabilities:
Depreciation and amortization		83			1,090
Pension		17,491			21,423
Intangible assets and other		1,764			4,191

Total deferred tax liabilities		19,338			26,704

Net deferred tax assets prior to valuation allowances		23,578			23,161
Valuation allowances		(4,409	)		(22,386	)

Net deferred tax asset	$	19,169		$	775

At December 31, 2011, the Company has federal, state and foreign net operating loss carryforwards for income tax purposes. The U.S. federal net operating loss carryforward is approximately $10,435 which expires between 2024 and 2031. The foreign net operating loss carryforward is $2,417 and has no expiration date. The Company also has a tax benefit from a state net operating loss carryforward of $5,428 which expires between 2012 and 2031.

At December 31, 2011, the Company has research and development credit carryforwards of approximately $2,875 which expire between 2012 and 2031. The Company also has alternative minimum tax credit carryforwards of $1,023 which have no expiration date.

The Company is subject to taxation in the U.S. and various state and foreign jurisdictions. The Company’s tax years for 2008 through 2011 remain open for examination by the U.S. and various state and foreign taxing authorities.

As of December 31, 2011, the Company was not in a cumulative three-year loss position and it was determined that it was more likely than not that its U.S. net deferred tax assets will be realized. As of December 31, 2011, the Company reversed a valuation allowance of $16,820 against its U.S. net deferred tax assets. As of December 31, 2010, the Company recorded a full valuation allowance of $20,089 against its U.S. net deferred tax assets. In addition, the Company determined that it was not more likely than not that certain foreign net deferred tax assets will be realized. As of December 31, 2011 and 2010, the Company recorded valuation allowances of $565 and $2,297, respectively, against certain foreign net deferred tax assets. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income (including reversals of deferred tax liabilities). The Company reviews all valuation allowances related to deferred tax assets and will reverse these valuation allowances, partially or totally, when appropriate under ASC 740.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	2011			2010			2009
Unrecognized Tax Benefit — January 1,	$	6,142		$	5,718		$	5,806
Gross Increases — Tax Positions in Prior Period		32			283			101
Gross Decreases — Tax Positions in Prior Period		(129	)		(4	)		(55	)
Gross Increases — Tax Positions in Current Period		135			341			97
Settlements		-0-			(18	)		-0-
Lapse of Statute of Limitations		(203	)		(178	)		(231	)

Unrecognized Tax Benefit — December 31,	$	5,977		$	6,142		$	5,718

The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is $4,794 at December 31, 2011 and $4,916 at December 31, 2010. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. During the year ended December 31, 2011 and 2010, the Company recognized approximately $19 and $9, respectively, in net interest and penalties. The Company had approximately $701 and $682 for the payment of interest and penalties accrued at December 31, 2011 and 2010, respectively. The Company does not expect that the unrecognized tax benefit will change significantly within the next twelve months.

The Company has accrued a U.S. federal tax liability of $1,359 at December 31, 2011 related to the U.S. taxation of $3,882 of undistributed earnings of the Company’s foreign subsidiaries. Given this one exception, deferred taxes have not been provided on approximately $80,795 of undistributed earnings of the Company’s foreign subsidiaries as it is the Company’s policy and intent to permanently reinvest such earnings.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 136, 172

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 43, 44, 45, 46, 47, 48, 49

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Stock Plan

12 Months Ended

Dec. 31, 2011

Stock Plan [Abstract]

Stock Plan

NOTE I — Stock Plan

Under the provisions of the Company’s 1998 Long-Term Incentive Plan, as amended (“1998 Plan”), which is administered by the Compensation Committee of the Company’s Board of Directors, incentive stock options, non-statutory stock options, stock appreciation rights (“SARs”), restricted shares, performance shares or stock awards may be awarded to directors and all employees of the Company and its subsidiaries. Stock options will be exercisable in whole or in installments as may be determined provided that no options will be exercisable more than ten years from date of grant. The exercise price will be the fair market value at the date of grant. The aggregate number of shares of the Company’s common stock that may be awarded under the 1998 Plan is 3,100,000, all of which may be incentive stock options. No more than 500,000 shares shall be the subject of awards to any individual participant in any one calendar year.

There were no options awarded in 2011, 2010 and 2009.

A summary of option activity as of December 31, 2011 and changes during the year then ended is presented below:


	2011
	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding — beginning of year		458,634		$	6.17
Granted		-0-			-0-
Exercised		(223,300	)		2.18
Canceled or Expired		(7,000	)		1.91

Outstanding — end of year		228,334		$	14.58		4.6 years	$	930
Options Exercisable		224,584			14.59		4.6 years		914

Exercise prices for options outstanding as of December 31, 2011 range from $3.05 to $6.28, $13.40 to $15.61 and $20.00 to $24.92. The number of options outstanding at December 31, 2011, which correspond with these ranges, are 36,500, 151,834 and 40,000, respectively. The number of options exercisable at December 31, 2011, which correspond to these ranges are 36,500, 148,084 and 40,000, respectively. The weighted average contractual life of these options is 4.6 years.

The fair value provisions for option awards resulted in compensation expense of $98, $272 and $396 (before tax), for 2011, 2010 and 2009, respectively.

The total intrinsic value of options exercised during the years ended December 31, 2011, 2010 and 2009 was $3,609, $368 and $104, respectively. Net cash proceeds from the exercise of stock options were $494, $150 and $783 respectively. There were no income tax benefits because the Company had a net operating loss carryforward.

A summary of restricted share activity for the year ended December 31, 2011 is as follows:


	2011
	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding — beginning of year		419,390		$	6.26
Granted		194,000			20.35
Vested		(220,096	)		6.73
Canceled or expired		(200	)		3.18

Outstanding — end of year		393,094		$	9.77

The Company recognized compensation expense of $1,988, $1,463 and $1,969 for the years ended December 31, 2011, 2010 and 2009, respectively, relating to restricted shares.

The total fair value of restricted stock units vested during the years ended December 31, 2011, 2010 and 2009 was $3,986, $4,043, and $797, respectively.

The Company recognizes compensation cost of all share-based awards as an expense on a straight-line basis over the vesting period of the awards.

As of December 31, 2011, the Company had unrecognized compensation expense of $3,699, before taxes, related to stock option awards and restricted shares. The unrecognized compensation expense is expected to be recognized over a total weighted average period of 2.3 years.

The number of shares available for future grants for all plans at December 31, 2011 is 144,484.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 93-6

-Paragraph 53

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 123R

-Paragraph 64, 65, A240

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 40

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 50

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2011

Commitments and Contingencies [Abstract]

Commitments and Contingencies

NOTE J — Commitments and Contingencies

The Company is subject to various pending and threatened legal proceedings arising in the ordinary course of business. Although the Company cannot precisely predict the amount of any liability that may ultimately arise with respect to any of these matters, the Company records provisions when it considers the liability probable and reasonably estimable. Our provisions are based on historical experience and legal advice, reviewed quarterly and adjusted according to developments. Estimating probable losses requires the analysis of multiple forecasted factors that often depend on judgments about potential actions by third parties, such as regulators, courts, and state and federal legislatures. Changes in the amounts of our loss provisions, which can be material, affect our financial condition. Due to the inherent uncertainties in the process undertaken to estimate potential losses, we are unable to estimate an additional range of loss in excess of our accruals. While it is reasonably possible that such excess liabilities, if they were to occur, could be material to operating results in any given quarter or year of their recognition, we do not believe that it is reasonably possible that such excess liabilities would have a material adverse effect on our long-term results of operations, liquidity or consolidated financial position.

Our subsidiaries are involved in a number of contractual and warranty related disputes. At this time, we cannot reasonably determine the probability of a loss, and the timing and amount of loss, if any, cannot be reasonably estimated. We believe that appropriate liabilities for these contingencies have been recorded; however, actual results may differ materially from our estimates.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 450

-SubTopic 20

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 460

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 14

-Paragraph 3

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 440

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 5

-Paragraph 9, 10, 11, 12

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.25)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Pensions and Postretirement Benefits

12 Months Ended

Dec. 31, 2011

Pensions and Postretirement Benefits [Abstract]

Pensions and Postretirement Benefits

NOTE K — Pensions and Postretirement Benefits

The Company and its subsidiaries have pension plans, principally noncontributory defined benefit or noncontributory defined contribution plans, covering substantially all employees. In addition, the Company has an unfunded postretirement benefit plan. In April 2011, the Company amended one of its plans to cover most U.S. employees not covered by collective bargaining agreements using a cash balance formula, which increased the 2011 benefit obligation by approximately $1,100. Under a cash balance formula, a plan participant accumulates a retirement benefit consisting of pay credits that are based upon a percentage of current eligible earnings and current interest credits. For the remaining defined benefit plans, benefits are based on the employee’s years of service. For the defined contribution plans, the costs charged to operations and the amount funded are based upon a percentage of the covered employees’ compensation.

The following tables set forth the change in benefit obligation, plan assets, funded status and amounts recognized in the consolidated balance sheet for the defined benefit pension and postretirement benefit plans as of December 31, 2011 and 2010:


	Pension						Postretirement Benefits
	2011			2010			2011			2010
Change in benefit obligation
Benefit obligation at beginning of year	$	49,672		$	48,820		$	18,432		$	18,288
Service cost		1,627			295			52			31
Interest cost		2,329			2,596			857			959
Actuarial losses		3,015			2,622			1,346			1,364
Benefits and expenses paid, net of contributions		(4,384	)		(4,661	)		(2,128	)		(2,210	)

Benefit obligation at end of year	$	52,259		$	49,672		$	18,559		$	18,432

Change in plan assets
Fair value of plan assets at beginning of year	$	110,458		$	98,255		$	-0-		$	-0-
Actual (loss) return on plan assets		(2,740	)		18,364			-0-			-0-
Company contributions		-0-			-0-			2,128			2,210
Cash transfer to fund postretirement benefit payments		(1,500	)		(1,500	)		-0-			-0-
Benefits and expenses paid, net of contributions		(4,384	)		(4,661	)		(2,128	)		(2,210	)

Fair value of plan assets at end of year	$	101,834		$	110,458		$	-0-		$	-0-

Funded (underfunded) status of the plans	$	49,575		$	60,786		$	(18,559	)	$	(18,432	)

Amounts recognized in the consolidated balance sheets consist of:


	Pension						Postretirement Benefits
	2011			2010			2011		2010
Noncurrent assets	$	49,575		$	60,786		$	-0-	$	-0-
Noncurrent liabilities		-0-			-0-			16,557		16,255
Current liabilities		-0-			-0-			2,002		2,177

	$	49,575		$	60,786		$	18,559	$	18,432

Amounts recognized in accumulated other comprehensive (income) loss
Net actuarial loss	$	22,345		$	7,641		$	7,052	$	6,059
Net prior service cost		148			192			-0-		-0-
Net transition (asset)		(91	)		(132	)		-0-		-0-

Accumulated other comprehensive loss	$	22,402		$	7,701		$	7,052	$	6,059

As of December 31, 2011 and 2010, the Company’s defined benefit pension plans did not hold a material amount of shares of the Company’s common stock.

The pension plan weighted-average asset allocation at December 31, 2011 and 2010 and target allocation for 2012 are as follows:


				Plan Assets
	Target 2012			2011			2010
Asset Category
Equity securities		45-75	%		66.4	%		78.3	%
Debt securities		10-40			24.6			19.3
Other		0-20			9.0			2.4

		100	%		100	%		100	%

The following table sets forth, by level within the fair value hierarchy, the pension plans assets:


	2011								2010
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Total
Collective trust and pooled insurance funds:
Common stock	$	42,737	$	-0-	$	-0-	$	42,737	$	65,362	$	-0-	$	65,362
Equity Funds		19,014		2,088		-0-		21,102		12,729		3,413		16,142
Foreign Stock		3,820		-0-		-0-		3,820		5,000		-0-		5,000
Convertible Securities		-0-		-0-		-0-		-0-		967		-0-		967
U.S. Government Obligations		7,176		-0-		-0-		7,176		9,840		-0-		9,840
Fixed income funds		12,492		-0-		-0-		12,492		5,242		-0-		5,242
Corporate Bonds		5,420		-0-		-0-		5,420		5,295		-0-		5,295
Cash and Cash Equivalents		2,964		-0-		-0-		2,964		2,381		-0-		2,381
Hedge funds		-0-		-0-		5,936		5,936		-0-		-0-		-0-
Other		187		-0-		-0-		187		229		-0-		229

	$	93,810	$	2,088	$	5,936	$	101,834	$	107,045	$	3,413	$	110,458

The fair value hierarchy has three levels based on the reliability of the inputs used to determine the fair value. Level 1 refers to the fair value determined based on unadjusted quoted prices for identical assets in active markets. Level 2 refers to the fair values based on quoted markets that are not active, quoted prices for similar assets in active markets, and inputs that are observable for the asset either directly or indirectly, for substantially the full term of the asset and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 refers to fair value based on prices or valuation techniques that require inputs that are both unobservable and significant to the fair value measurement.

The following table presents a reconciliation of Level 3 assets held during the year ended December 31, 2011.


	Balance Jan. 1, 2011		Net Unrealized Loss			Purchases		Balance Dec. 31, 2011
Hedge Funds	$	-0-	$	(64	)	$	6,000	$	5,936

The following tables summarize the assumptions used by the consulting actuary and the related cost information.


	Weighted-Average assumptions as of December 31,
	Pension									Postretirement Benefits
	2011			2010			2009			2011			2010			2009
Discount rate		4.50	%		5.00	%		5.50	%		4.50	%		5.00	%		5.50	%
Expected return on plan assets		8.25	%		8.25	%		8.25	%		N/A			N/A			N/A
Rate of compensation increase		2.00	%		N/A			N/A			N/A			N/A			N/A

In determining its expected return on plan assets assumption for the year ended December 31, 2011, the Company considered historical experience, its asset allocation, expected future long-term rates of return for each major asset class, and an assumed long-term inflation rate. Based on these factors, the Company derived an expected return on plan assets for the year ended December 31, 2011 of 8.25%. This assumption was supported by the asset return generation model, which projected future asset returns using simulation and asset class correlation.

For measurement purposes, a 6.5% and a 8.0% annual rate of increase in the per capita cost of covered medical health care benefits and drug benefits, respectively were assumed for 2011. The rates were assumed to decrease gradually to 5.0% for medical and drug for 2042 and remain at that level thereafter.


	Pension Benefits									Postretirement Benefits
	2011			2010			2009			2011			2010			2009
Components of net periodic benefit cost
Service costs	$	1,627		$	295		$	471		$	52		$	31		$	61
Interest costs		2,329			2,596			2,748			857			959			1,053
Expected return on plan assets		(8,950	)		(7,932	)		(7,036	)		-0-			-0-			-0-
Transition obligation		(40	)		(40	)		(40	)		-0-			-0-			-0-
Amortization of prior service cost		44			61			129			(96	)		(96	)		-0-
Recognized net actuarial loss		-0-			366			910			449			381			294

Benefit (income) costs	$	(4,990	)	$	(4,654	)	$	(2,818	)	$	1,262		$	1,275		$	1,408

Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive (income) loss
AOCI at beginning of year	$	7,701		$	15,900		$	25,131		$	6,059		$	4,980		$	5,914
Net (gain)/loss		14,704			(7,811	)		(8,241	)		1,346			1,364			280
Recognition of prior service cost/(credit)		(44	)		(62	)		(120	)		96			96			(920	)
Recognition of (gain)/loss		41			(326	)		(870	)		(449	)		(381	)		(294	)

Total recognized in accumulated other comprehensive loss at end of year	$	22,402		$	7,701		$	15,900		$	7,052		$	6,059		$	4,980

The estimated net loss, prior service cost and net transition obligation for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the year ending December 31, 2012 are $965, $44 and $(40), respectively.

The estimated net loss and prior service cost for the postretirement plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the year ending December 31, 2012 is $703 and $(96), respectively.

Below is a table summarizing the Company’s expected future benefit payments and the expected payments due to Medicare subsidy over the next ten years:


			Postretirement Benefits
	Pension Benefits		Gross		Expected Medicare Subsidy		Net including Medicare Subsidy
2012	$	4,002	$	2,282	$	236	$	2,046
2013		4,027		2,143		230		1,913
2014		4,086		2,048		220		1,828
2015		4,095		1,945		208		1,737
2016		4,107		1,794		196		1,598
2017 to 2021		21,807		7,290		798		6,492

The Company has a postretirement benefit plan. Under the plan, health care benefits are provided on both a contributory and noncontributory basis. The assumed health care cost trend rate has a significant effect on the amounts reported. A one-percentage-point change in the assumed health care cost trend rate would have the following effects:


	1-Percentage Point Increase		1-Percentage Point Decrease
Effect on total of service and interest cost components in 2011	$	68	$	(60	)
Effect on postretirement benefit obligation as of December 31, 2011	$	1,456	$	(1,291	)

The total contribution charged to pension expense for the Company’s defined contribution plans was $0 in 2011, $0 in 2010 and $301 in 2009. During March 2009, the Company suspended indefinitely its voluntary contribution to its 401(k) defined contribution plan covering substantially all U.S. employees. The Company expects to have no contributions to its defined benefit plans in 2012.

In January 2008, a Supplemental Executive Retirement Plan (“SERP”) for the Company’s Chairman of the Board of Directors and Chief Executive Officer (“CEO”) was approved by the Compensation Committee of the Board of Directors of the Company. The SERP provides an annual supplemental retirement benefit for up to $375 upon the CEO’s termination of employment with the Company. The vested retirement benefit will be equal to a percentage of the Supplemental Pension that is equal to the ratio of the sum of his credited service with the Company prior to January 1, 2008 (up to a maximum of thirteen years), and his credited service on or after January 1, 2008 (up to a maximum of seven years) to twenty years of credited service. In the event of a change in control before the CEO’s termination of employment, he will receive 100% of the Supplemental Pension. The Company recorded an expense of $389 related to the SERP in 2011, 2010 and 2009. Additionally, a non-qualified defined contribution retirement benefit was also approved in which the Company will credit $94 quarterly ($375 annually) for a seven year period to an account in which the CEO will always be 100% vested. The seven year period began on March 31, 2008.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-URI http://asc.fasb.org/topic&trid=2235017

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 87

-Paragraph 264

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 158

-Paragraph 7, 21, 22

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Staff Position (FSP)

-Number FAS106-2

-Paragraph 20, 21, 22

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Implementation Guide (Q and A)

-Number FAS88

-Paragraph 63

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph h

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 30

-Paragraph 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 03-2

-Paragraph 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5, 6, 7, 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 8

-Subparagraph m

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph q

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 106

-Paragraph 518

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Leases

12 Months Ended

Dec. 31, 2011

Leases [Abstract]

Leases

NOTE L — Leases

Future minimum lease commitments during each of the five years following December 31, 2011 and thereafter are as follows: $12,784 in 2012, $9,135 in 2013, $5,712 in 2014, $4,080 in 2015, $3,356 in 2016 and $7,773 thereafter. Rental expense for 2011, 2010 and 2009 was $16,363, $13,068 and $12,812, respectively.

Certain of the Company’s leases are with related parties at an annual rental expense of approximately $2,598. Transactions with related parties are in the ordinary course of business, are conducted on an arms length basis, and are not material to the Company’s financial position, results of operations or cash flows.

Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share

NOTE M — Earnings Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share:


	Year Ended December 31,
	2011		2010		2009
NUMERATOR
Net income (loss)	$	29,435	$	15,187	$	(5,209	)

DENOMINATOR
Denominator for basic earnings per share — weighted average shares		11,580		11,314		10,968
Effect of dilutive securities:
Employee stock options and restricted shares		419		493		-0-

Denominator for diluted earnings per share — weighted average shares and assumed conversions		11,999		11,807		10,968
Amounts per common share:
Basic	$	2.54	$	1.34	$	(.47	)

Diluted	$	2.45	$	1.29	$	(.47	)

Basic earnings per common share is computed as net income available to common shareholders divided by the weighted average basic shares outstanding. Diluted earnings per common share is computed as net income available to common shareholders divided by the weighted average diluted shares outstanding. Pursuant to ASC 260, “Earnings Per Share,” when a loss is reported the denominator of diluted earnings per share cannot be adjusted for the dilutive impact of stock options and awards because doing so will result in anti-dilution. Therefore, for the year ended December 31, 2009, basic weighted-average shares outstanding are used in calculating diluted earnings per share.

Outstanding stock options with exercise prices greater that the average price of the common shares are anti-dilutive and are not included in the computation of diluted earnings per share. Stock options for 201,100 shares of common stock were excluded in the year ended December 31, 2010.

- Definition

The entire disclosure for earnings per share.

+ References+ Details

Accumulated Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2011

Accumulated Comprehensive Income (Loss) [Abstract]

Accumulated Comprehensive Income (Loss)

NOTE N — Accumulated Comprehensive Income (Loss)

The components of accumulated comprehensive income (loss) at December 31, 2011 and 2010 are as follows:


	December 31,
	2011			2010
Foreign currency translation adjustment	$	4,852		$	6,239
Pension and postretirement benefit adjustments, net of tax		(13,257	)		(3,801	)

Total	$	(8,405	)	$	2,438

- Definition

The entire disclosure for comprehensive income. Includes, but is not limited to, the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 55

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6920433&loc=d3e998-108581

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e689-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e637-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 17

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e716-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 14

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e681-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Reclassification Adjustments

-URI http://asc.fasb.org/extlink&oid=6522872

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 14-26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e640-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 13

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e653-108580

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e709-108580

+ Details

Restructuring and Unusual Charges

12 Months Ended

Dec. 31, 2011

Restructuring and Unusual Charges [Abstract]

Restructuring and Unusual Charges

NOTE O — Restructuring and Unusual Charges

During the third quarter of 2011, the Company recorded a $5,359 restructuring and asset impairment charge related to the write down of underperforming assets in its rubber products business unit.

During the third quarter of 2010, the Company reviewed one of its investments and determined there was diminution in value and therefore recorded an asset impairment charge of $3,539 included in the Aluminum products segment.

In the fourth quarter of 2009, due to weakness in the general economy including the railroad industry, the Company recorded $7,003 of asset impairment charges which were composed of $1,797 for inventory impairment and $5,206 for impairment of property and equipment and other long-term assets. Below is a summary of these charges by segment.


	Asset Impairment		Cost of Products Sold		Total
Supply Technologies	$	2,206	$	1,797	$	4,003
Manufactured Products		3,000		-0-	$	3,000

	$	5,206	$	1,797	$	7,003

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References+ Details

Subsequent Event

12 Months Ended

Dec. 31, 2011

Subsequent Event [Abstract]

Subsequent Event

NOTE P — Subsequent Event

On March 5, 2012, the Company entered into an agreement to acquire Fluid Routing Solutions Holding Corp. (“FRS”), a leading manufacturer of industrial hose products and fuel filler and hydraulic fluid assemblies, in an all cash transaction valued at $97,500. FRS products include fuel filler, hydraulic, and thermoplastic assemblies and several forms of manufactured hose including bulk and formed fuel, power steering, transmission oil cooling, hydraulic and thermoplastic hose. FRS sells to automotive and industrial customers throughout North America, Europe and Asia. FRS has five production facilities located in Florida, Michigan, Ohio, Tennessee and the Czech Republic. The transaction is expected to close by March 30, 2012 subject to a number of customary conditions, including the expiration of waiting periods and the receipt of approvals under Hart-Scott-Rodino Antitrust Improvements Act. The transaction is expected to be funded by the Company’s cash of $40,000 ($10,000 domestic and $30,000 foreign), a new $25,000 seven-year amortizing term loan secured by certain real estate and machinery and equipment of the Company for which the Company has received a commitment letter from its bank group and $32,500 of borrowings under the Company’s revolving credit facility.

Valuation and Qualifying Accounts and Reserves

12 Months Ended

Dec. 31, 2011

Valuation and Qualifying Accounts and Reserves [Abstract]

Valuation and Qualifying Accounts and Reserves

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES


Description	Balance at Beginning of Period		Charged to Costs and Expenses			Deductions and Other			Balance at End of Period
Year Ended December 31, 2011:
Allowances deducted from assets:
Trade receivable allowances	$	6,011	$	708		$	(1,236	)(A)	$	5,483
Inventory obsolescence reserve		22,788		7,433			(5,340	)(B)		24,881
Tax valuation allowances		22,386		(17,977	)		-0-	(D)		4,409
Product warranty liability		4,046		3,583			(3,421	)(C)		4,208

Year Ended December 31, 2010:
Allowances deducted from assets:
Trade receivable allowances	$	8,388	$	2,581		$	(4,958	)(A)	$	6,011
Inventory obsolescence reserve		21,456		8,956			(7,624	)(B)		22,788
Tax valuation allowances		30,668		(5,754	)		(2,528	)(D)		22,386
Product warranty liability		2,760		2,294			(1,008	)(C)		4,046

Year Ended December 31, 2009:
Allowances deducted from assets:
Trade receivable allowances	$	3,044	$	6,527		$	(1,183	)(A)	$	8,388
Inventory obsolescence reserve		22,313		7,153			(8,010	)(B)		21,456
Tax valuation allowances		34,921		(1,815	)		(2,438	)(D)		30,668
Product warranty liability		5,402		704			(3,346	)(C)		2,760

Note (A)- Uncollectible accounts written off, net of recoveries.

Note (B)- Amounts written off or payments incurred, net of acquired reserves.

Note (C)- Loss and loss adjustment.

Note (D)- Amounts recorded in other comprehensive income.