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INVENTORY

12 Months Ended

Dec. 31, 2024

INVENTORY

INVENTORY

NOTE 16 – INVENTORY

Inventories in the Consolidated Balance Sheet is comprised of the following components:

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​	​	​	​	​	​	​
​		December 31,
​		2024			2023
Raw materials	​	$	153,596	​	$	160,809
Work-in-process	​		123,406	​		125,756
Finished goods	​		267,035	​		276,299
Total	​	$	544,037	​	$	562,864

​

The valuation of LIFO inventories is made at the end of each year based on inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs. Actual year-end inventory levels and costs may differ from interim LIFO inventory valuations. At December 31, 2024 and 2023, approximately 35% and 37% of total inventories, respectively, were valued using the LIFO method. The excess of current cost over LIFO cost was $120,633 at December 31, 2024 and $129,946 at December 31, 2023, or a benefit of $9,313 in 2024 and $3,963 in 2023.

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- References

No definition available.

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- Definition

The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 330
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//330/tableOfContent

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