Inventory is carried at lower of cost or net realizable value. The components of inventory are as follows:



	March 31, 2024			December 31, 2023
Raw materials	$	93,392		$	98,708
Work-in-process		13,874			14,397
Finished products		44,958			46,250
Inventories, net of excess and obsolete inventory reserve		152,224			159,355
Excess of current cost over LIFO cost		(10,716	)		(10,541	)
Inventories at LIFO cost	$	141,508		$	148,814

Costs for inventories of certain material, mainly in the U.S., are determined using the Last-In First-Out ("LIFO") method and totaled approximately $55.3 million at March 31, 2024 and $60.1 million at December 31, 2023. 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, 2024 and 2023, the net change in LIFO inventories resulted in expense of $0.2 million and $0.5 million, respectively, to Cost of products sold. The Company’s reserves for slow moving and obsolete inventory was $17.8 million at March 31, 2024 and $17.6 million at December 31, 2023.