NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (thousands of dollars unless otherwise indicated) 2004 2003 2002 Percentage of total inventories on LIFO.... 81% 88% 87% Excess of FIFO over LIFO .......................... $125,212  $ 96,591  $100,226 (Decrease) increase in net income due to LIFO .......................... (18,580) 2,213  8,088 (Decrease) increase in  net income per common share due  to LIFO ...................... (.13)  .02  .05 Exit Plan Balance at December 31, 2003 Provisions in Cost of goods sold Actual expenditures charged to accrual Adjustments to prior provisions in Other expense - net Balance at December 31, 2004 Automotive Finishes distribution facility shutdown in 2004: Severance and related costs ............ $ 297 $ (185) $ (112) Other qualified exit costs................ 903 (683) 96 $ 316 Consumer manufacturing facility shutdown in 2004: Other qualified exit costs................ 1,500 (1,810) 310 Consumer manufacturing facility shutdown in 2001: Other qualified exit costs................ $ 2,058 (186) (25) 1,847 Other qualified exit costs for  facilities shutdown prior to 2001 .. 12,854 (650) (232) 11,972 Totals ................................................ $ 14,912 $ 2,700 $ (3,514) $ 37 $ 14,135 Exit Plan Balance at December 31, 2002 Provisions in Cost of goods sold Actual expenditures charged to accrual Adjustments to prior provisions in Other expense - net Balance at December 31, 2003 Consumer manufacturing facility shutdown in 2001: Severance and related costs ............ $ 133 $ (133) Other qualified exit costs................ 2,790 (641) $ (91) $ 2,058 Paint Stores manufacturing facility shutdown in 2001: Other qualified exit costs................ 333 (105) (228) Other qualified exit costs for  facilities shutdown prior to 2001 .. 13,221 (700) 333 12,854 Totals ................................................ $ 16,477 $ (1,579) $ 14 $ 14,912 54 NOTE 6—EXIT OR DISPOSAL ACTIVITIES 2003, the Company recognizes liabilities associated with exit or disposal activities as incurred in accordance with SFAS No. 146. Qualified exit costs primarily include post-closure rent expenses, incremental post-clo- sure costs and costs of employee terminations. Adjust- ments may be made to liabilities accrued for qualified exit costs if information becomes available upon which more accurate amounts can be reasonably estimated. Concurrently, property, plant and equipment is tested for impairment in accordance with SFAS No. 144 and, if impairment exists, the carrying value of the related assets is reduced to estimated fair value. Additional impairment may be recorded for subsequent revisions in estimated fair value. No significant revisions occurred during 2004, 2003 or 2002. The following table summarizes the activity and remaining liabilities associated with qualified exit costs: Management is continually re-evaluating the Compa- ny’s operating facilities against its long-term strategic goals. Prior to January 1, 2003, upon commitment to a formal shutdown plan of an operating facility, provi- sions were made for all estimated qualified exit costs in accordance with EITF No. 94-3. Effective January 1,