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Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories

						December 31,
(in thousands)						2020						2019
Finished goods and work-in-process						$	325,588					$	295,997
Raw materials						59,413						55,702
Stores, supplies, and other						16,030						14,239
						$	401,031					$	365,938

Our U.S. petroleum additives finished goods, work-in-process, and raw materials inventories, which are stated on the LIFO basis, amounted to $124 million at December 31, 2020 and were below replacement cost by approximately $37 million. At December 31, 2019, LIFO basis inventories were $116 million, which was approximately $50 million below replacement cost.

Our foreign inventories amounted to $255 million at December 31, 2020 and $238 million at December 31, 2019.

Reserves for obsolete and slow-moving inventory included in the table above were not material at December 31, 2020 or December 31, 2019.

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- References

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-URI http://asc.fasb.org/topic&trid=2126998

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