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Inventories, Net

3 Months Ended

Mar. 31, 2023

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.