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Inventories | 6 Months Ended
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Jun. 30, 2020
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories valued at LIFO cost represented 45% and 42% of total inventory at June 30, 2020 and December 31, 2019, respectively. The excess of current cost over LIFO valued inventories was approximately $10.9 million at June 30, 2020 and December 31, 2019. 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) | June 30, 2020 |  |  | December 31, 2019 |  |
Finished goods |  | $ | 208,472 |  |  |  | $ | 227,823 |  |
Work in process |  | 25,705 |  |  |  | 21,918 |  |
Raw materials |  | 14,529 |  |  |  | 17,933 |  |
Inventories, net |  | $ | 248,706 |  |  |  | $ | 267,674 |  |
Inventory obsolescence reserves were $9.7 million at June 30, 2020 and $8.2 million at December 31, 2019.

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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 + Details
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