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Inventories, Net | 3 Months Ended
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Mar. 31, 2023
Inventory Disclosure [Abstract] |
Inventories, Net | Note 3 – Inventories, Net Inventories, net
|  |  | March 31, 2023 |  |  | December 31, 2022 |
Raw materials |  |  | $ | 105,045 |  |  | $ | 104,872 |
Work-in-process |  |  |  | 16,040 |  |  |  | 14,450 |
Finished products |  |  |  | 42,382 |  |  |  | 41,295 |
Inventories, gross |  |  |  | 163,467 |  |  |  | 160,617 |
Excess of current cost over LIFO cost |  |  |  | (13,683 | ) |  |  | (13,159 | )
Inventories, net |  |  | $ | 149,784 |  |  | $ | 147,458 |
Costs for inventories of certain material, mainly in the U.S., are determined using the LIFO method and totaled approximately $68.9 million at March 31, 2023 and $68.3 million at December 31, 2022. 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-month periods ended March 31, 2023 and 2022, the net change in LIFO inventories resulted in expense of $0.5 million and $1.3 million, respectively, to Cost of products sold. The Company’s reserves for slow-moving and obsolete inventory was $11.4 million at March 31, 2023 and $10.8 million at 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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