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Inventories
9 Months Ended
Sep. 30, 2019
Inventory Disclosure [Abstract]  
Inventories Inventories
 
Inventories valued at LIFO cost represented 56% and 60% of total inventory at September 30, 2019 and December 31, 2018, respectively. The excess of current cost over LIFO valued inventories was approximately $10,646,000 at September 30, 2019 and December 31, 2018. An actual valuation of inventory under the LIFO method is made only at the end of each year based on the inventory levels and costs at that time.  Accordingly, interim LIFO must be based, to some extent, on management's estimates at each quarter end. Net inventories consist of the following:
(in thousands)
September 30, 2019December 31, 2018
Finished goods
$173,994  $149,298  
Work in process
18,415  12,732  
Raw materials
14,107  14,600  
Inventories, net$206,516  $176,630  
 
Inventory obsolescence reserves were $6,991,000 at September 30, 2019 and $7,194,000 at December 31, 2018.