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Inventories | 6 Months Ended
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Jun. 30, 2024
Inventory Disclosure [Abstract] |
Inventories | 5. INVENTORIES Inventories valued at LIFO (last-in, first-out), consist of the following (in thousands):
|  | June 30, 2024 |  |  | December 31, 2023 |
Finished goods |  | $ | 111,286 |  |  | $ | 88,840 |
Raw materials |  |  | 71,011 |  |  |  | 51,688 |
Total FIFO (first-in, first-out) inventories |  |  | 182,297 |  |  |  | 140,528 |
Reserve to adjust inventories to LIFO value |  |  | (33,439 | ) |  |  | (33,439 | )
Total LIFO inventories |  | $ | 148,858 |  |  | $ | 107,089 |
The Company utilizes the LIFO method of accounting, which generally provides for the matching of current costs with current revenues. However, under the LIFO method, reductions in annual inventory balances may cause a portion of the Company’s cost of sales to be based on historical costs rather than current year costs (LIFO liquidation). Reductions in interim inventory balances expected to be replenished by year-end do not result in a LIFO liquidation. Accordingly, interim LIFO calculations are based, in part, on management’s estimates of expected year-end inventory levels and costs and may differ from actual results. Since inventory levels and costs are subject to factors beyond management’s control, interim results are subject to the final year-end LIFO inventory valuation. There were no LIFO inventory liquidations or related impact on the cost of sales in the six months ended June 30, 2024.

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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 + Details
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