INVENTORY (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
INVENTORY
Raw materials	$ 181,076	$ 143,394
Work-in-process	164,778	97,834
Finished goods	319,597	298,691
Total	$ 665,451	$ 539,919
Percentage of total inventories valued using the LIFO method (as a percent)	38.00%	36.00%	35.00%
Excess of current cost over LIFO cost	$ 133,909	$ 114,176

The excess of replacement or current cost over the stated LIFO (last in first out) inventory value when the LIFO inventory method is utilized.

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Carrying amount, net of valuation reserves and adjustments, as of the balance sheet date of merchandise or goods held by the company that are readily available for sale.

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Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.

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Carrying amount, net of valuation reserves and adjustments, as of the balance sheet date of unprocessed items to be consumed in the manufacturing or production process.

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Carrying amount, net of reserves and adjustments, as of the balance sheet date of merchandise or goods which are partially completed. This inventory is generally comprised of raw materials, labor and factory overhead costs, which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing.

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The percentage of LIFO (last in first out) inventory to total inventory as of the balance sheet date if other than 100 percent.

+ References

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