A description of the valuation techniques and inputs used for our Level 2 fair value measures is as follows:
Debt mutual funds— The fair value measure for the vast majority of these investments is the daily net asset value published on a regulated governmental website. Daily quoted prices are available from the issuing brokerage and are used on a test basis to corroborate this Level 2 input.
Certificates of deposit— These investments provide us with a contractual rate of return and generally range in maturity from three months to five years. The counterparties to these investments are reputable financial institutions with investment grade credit ratings. Since these instruments are not tradable and must be settled directly by us with the respective financial institution, our fair value measure is the financial institution's month-end statement.
Equity mutual funds— The fair value measure for these investments is the net asset value published by the issuing brokerage. Daily quoted prices are available from reputable third party pricing services and are used on a test basis to corroborate this Level 2 input measure.
Debt securities— The fair value measure for these securities is broker quotes received from reputable firms. These securities are infrequently traded on a national stock exchange and these values are used on a test basis to corroborate our Level 2 input measure.
The proceeds from sales and maturities of marketable securities were as follows:
Years ended December 31,
Proceeds from sales of marketable securities
Proceeds from maturities of marketable securities
Investments in marketable securities - liquidations
NOTE 6. INVENTORIES
Inventories are stated at the lower of cost or market. Inventories included the following:
Work-in-process and raw materials
Inventories at FIFO cost
Excess of FIFO over LIFO
NOTE 7. PROPERTY, PLANT AND EQUIPMENT
Details of our property, plant and equipment balance were as follows:
Land and buildings
Machinery, equipment and fixtures
Construction in process
Property, plant and equipment, gross
Less: Accumulated depreciation
Property, plant and equipment, net