Inventories

9 Months Ended

Sep. 30, 2020

Inventories [Abstract]

Inventories

5.    Inventories

	September 30,		December 31,
(Dollars in thousands)	2020		2019
Raw materials	$	84,417	$	80,176
Work in process		50,548		49,717
Finished goods		137,832		134,583
Total inventories	$	272,797	$	264,476

In the production of some of our products, we use precious metals, which we obtain from financial institutions under consignment agreements with terms of one year or less. The financial institutions retain ownership of the precious metals and charge us fees based on the amounts we consign. These fees were $0.6 million and $0.5 million for the three months ended September 30, 2020 and 2019, respectively and were $2.3 million and $2.2 million for the nine months ended September 30, 2020 and 2019. We had on-hand precious metals owned by participants in our precious metals consignment program of $87.5 million at September 30, 2020, and $66.2 million at December 31, 2019, measured at fair value based on market prices for identical assets.