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Inventories | 12 Months Ended
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Dec. 31, 2018
Inventory Disclosure [Abstract] |
Inventories |
4. | Inventories
Inventories consist of the following:
December 31, |  | 2018 |  |  | 2017 |
Finished goods |  | $ | 17,313 |  |  | $ | 22,558 |
Materials and products in process |  |  | 60,448 |  |  |  | 62,336 |
|  |  | 77,761 |  |  |  | 84,894 |
Adjustment of inventories to a LIFO basis |  |  | (46,341 | ) |  |  | (45,180 | )
|  | $ | 31,420 |  |  | $ | 39,714 |
In 2018 and 2017, inventory quantities were reduced. These reductions resulted in liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years as compared with the current cost of purchases, the effect of which decreased 2018 and 2017 costs of products sold by approximately $0.6 million and $0.4 million, respectively.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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