Inventories

12 Months Ended

Dec. 31, 2019

Inventories [Abstract]

Inventories

8. INVENTORIES

Inventories are carried at the lower of cost or net realizable value, except grain held for sale and fair-value hedged inventories. Commodities held for sale are reported at market value. The company recorded a $6.6 million and $6.0 million lower of cost or market inventory adjustment reflected in cost of goods sold within the ethanol production segment as of December 31, 2019 and 2018, respectively.

The components of inventories are as follows (in thousands):

	December 31,
	2019		2018
Finished goods	$	85,975	$	99,566
Commodities held for sale		42,836		62,896
Raw materials		77,900		98,174
Work-in-process		13,523		12,680
Supplies and parts		32,758		29,284
	$	252,992	$	302,600