Inventories

12 Months Ended

Dec. 31, 2020

Inventories [Abstract]

Inventories

6. Inventories

Inventory at December 31 consisted of the following:

(Dollars in thousands)	2020		2019
Raw materials	$	81,344	$	80,176
Work in process		48,770		49,717
Finished goods		130,218		134,583
Total inventories	$	260,332	$	264,476

In the production of some of our products, we use precious metals, some of 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 $2.9 million for 2020, $3.1 million for 2019, and $2.1 million for 2018. We had on hand precious metals owned by participants in our precious metals consignment program of $87.2 million at December 31, 2020 and $66.2 million at December 31, 2019, measured at fair value based on market prices for identical assets.