Inventories

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

Inventories

NOTE 3 – INVENTORIES:

	2019		2018
Raw materials	$	18,011	$	19,615
Work-in-progress		35,942		42,339
Finished goods		17,159		20,650
Supplies		11,177		11,592
Inventories	$	82,289	$	94,196

At December 31, 2019, and 2018, approximately 35% and 36%, respectively, of the inventories were valued using the LIFO method. The LIFO reserve approximated $(17,321) and $(26,058) at December 31, 2019, and 2018, respectively. The LIFO reserve of the Avonmore Plant approximated $5,240 at December 31, 2018. Additionally, during each of the years, inventory quantities decreased for certain locations resulting in a liquidation of LIFO layers which were at lower costs. The effect of the liquidations was to decrease costs of products sold (excluding depreciation and amortization) by approximately $467 and $2,159 for 2019 and 2018, respectively. There was no income tax expense recognized in the consolidated statements of operations due to the Corporation having a valuation allowance recorded against its deferred income tax assets for the jurisdiction where the income was recognized (see Note 20). Accordingly, the effect of the liquidations reduced net loss by approximately $467, or $0.04 per common share, for 2019 and approximately $2,159, or $0.17 per common share, for 2018.