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Inventories

12 Months Ended

Dec. 31, 2018

Inventory Disclosure [Abstract]

Inventories

Inventories

The following table sets forth the components of inventory:

	December 31,
(In thousands)	2018				2017
Finished products	$	65,965			$	66,064
Work in process	6,169				10,141
Raw materials and supplies	124,554				117,388
Inventories at current cost	196,688				193,593
Less: LIFO valuation	(40,086		)		(39,854		)
Total inventories	$	156,602			$	153,739

Inventories stated on the LIFO basis represent 39% of total inventories at both December 31, 2018 and 2017.

Reductions in certain inventory quantities during the year ended December 31, 2016 resulted in liquidations of LIFO inventories carried at lower costs prevailing in prior years. The effect of LIFO liquidations during 2016 reduced cost of sales by $0.3 million and increased net income by $0.2 million. We did not have any LIFO liquidations during the years ended December 31, 2018 and 2017.

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

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