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Inventories, Net

9 Months Ended

Sep. 30, 2022

NOTE C – INVENTORIES, NET


	September 30, 2022			December 31, 2021
Raw materials	$	96,714		$	76,636
Work-in-process		12,900			10,117
Finished goods		39,526			37,216
Inventories, gross		149,140			123,969
Excess of current cost over LIFO cost		(14,558	)		(9,462	)
Inventories, net	$	134,582		$	114,507

Cost of inventories for certain material is determined using the last-in-first-out (LIFO) method and totaled approximately $54.8 million at September 30, 2022 and $44.0 million at December 31, 2021. An actual valuation of inventories under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation. During the three and nine months ended September 30, 2022, the net change in LIFO inventories resulted in expense of $1.7 million and $5.1 million, respectively, to Costs of products sold. During the three and nine months ended September 30, 2021, the net change in LIFO inventories resulted in expense of $1.8 million and $3.6 million, respectively, to Costs of products sold.