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Inventories, Net | 9 Months Ended
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Sep. 30, 2024
Inventory Disclosure [Abstract] |
Inventories, Net | INVENTORIES, NET Inventories, net Inventory is carried at lower of cost or net realizable value. The components of inventory are as follows:
| September 30, 2024 |  | December 31, 2023
Raw materials | $ | 90,653 |  |  | $ | 98,708 |
Work-in-process | 13,927 |  |  | 14,397 |
Finished products | 49,335 |  |  | 46,250 |
Inventories, net of excess and obsolete inventory reserve | 153,915 |  |  | 159,355 |
Excess of current cost over LIFO cost | (11,189) |  |  | (10,541) |
Inventories at LIFO cost | $ | 142,726 |  |  | $ | 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 $48.8 million at September 30, 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 September 30, 2024 and 2023, the net change in LIFO inventories resulted in expense of $0.2 million and $0.6 million, respectively, to Cost of products sold. During the nine-month periods ended September 30, 2024 and 2023, the net change in LIFO inventories resulted in expense of $0.6 million and of $1.7 million, respectively, to Cost of products sold. The Company’s reserves for slow moving and obsolete inventory were $18.6 million at September 30, 2024 and $17.6 million at December 31, 2023.

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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 -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/330/tableOfContent + Details
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