Inventories, net



	September 30, 2023			December 31, 2022
Raw materials	$	106,355		$	104,872
Work-in-process		14,587			14,450
Finished products		43,579			41,295
Inventories, net of excess and obsolete inventory reserve		164,521			160,617
Excess of current cost over LIFO cost		(14,878	)		(13,159	)
Inventories at LIFO cost	$	149,643		$	147,458

Costs for inventories of certain material, mainly in the U.S., are determined using the LIFO method and totaled approximately $71.8 million at September 30, 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 months ended September 30, 2023 and 2022, the net change in LIFO inventories resulted in expense of $0.6 million and $1.7 million, respectively, to Cost of products sold. During the nine months ended September 30, 2023 and 2022, the net change in LIFO inventories resulted in expense of $1.7 million and $5.1 million, respectively, to Cost of products sold. The Company’s reserves for excess and obsolete inventory was $15.5 million at September 30, 2023 and $10.8 million at December 31, 2022.