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INVENTORIES | 12 Months Ended
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Dec. 31, 2022
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES The components of inventories at December 31 were as follows:
| 2022 |  | 2021
| (Dollars in thousands)
Raw materials | $ | 409,349 |  |  | $ | 394,102 |
Work-in-process | 218,691 |  |  | 157,406 |
Finished goods | 469,212 |  |  | 394,378 |
Other | 16,463 |  |  | 15,731 |
| 1,113,715 |  |  | 961,617 |
Adjustment to value inventory at cost on the LIFO method | (344,312) |  |  | (162,780) |
| $ | 769,403 |  |  | $ | 798,837 |
Inventories include $275.5 million and $284.0 million recorded on the FIFO method at December 31, 2022 and 2021, respectively, and $201.4 million and $133.3 million recorded on the average cost method at December 31, 2022 and 2021, respectively. During 2022, we implemented an inventory management program which resulted in permanent reductions of inventories valued under the LIFO method. This resulted in liquidations of inventory layers carried at costs prevailing in prior years and thereby decreased cost of goods sold by $83.0 million for the year ended December 31, 2022.

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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 https://asc.fasb.org/topic&trid=2126998 + Details
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