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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Inventories are stated at the lower of first-in, first-out (“FIFO”) cost or net realizable value.



Major Classes of Inventories	December 31, 2017			December 31, 2016
	(In millions)
Finished goods	$	171.3		$	131.4
Work in process	43.9			43.4
Raw materials and supplies	67.6			65.8
Inventories, net	$	282.8		$	240.6

Other inventory items
Inventory reserves	$	(29.8	)	$	(30.2	)
Consigned Inventory	$	9.8		$	12.2

The following table summarizes property, plant and equipment:



	December 31, 2017		December 31, 2016
Property, plant and equipment:
Land and land improvements	$	11.6	$	11.3
Buildings	73.9		74.9
Machinery and equipment	348.6		316.1
Leased property under capital leases	24.1		20.4
Total property, plant and equipment	458.2		422.7
Less accumulated depreciation	281.2		255.6
Property, plant and equipment, net	$	177.0	$	167.1

Information regarding depreciation expense of property, plant and equipment follows:

The following table presents the changes in the Company’s product warranty liability:



	Year Ended December 31,
	2017			2016			2015
	(In millions)
Balance at January 1	$	7.1		$	6.1		$	6.9
Claims paid during the year	(4.0		)	(3.7		)	(4.7		)
Warranty expense	4.7			2.0			4.0
Acquired warranty liabilities	0.1			2.8			—
Other	—			(0.1		)	(0.1		)
Balance at December 31	$	7.9		$	7.1		$	6.1

The following table sets forth the weighted-average number of shares used in the computation of earnings per share:



	Year Ended December 31,
	2017	2016	2015
	(In whole shares)
Weighted average basic shares outstanding	12,211,978	12,126,264	12,215,425
Plus dilutive impact of employee stock awards	243,963	148,188	167,526
Weighted average diluted shares outstanding	12,455,941	12,274,452	12,382,951