Inventories

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Inventories

6.  Inventories

Inventories are valued at the lower of cost or market for last-in, first-out (“LIFO”) inventory and lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. Approximately 30 percent of inventories are valued using the LIFO method of determining cost. All other inventories are valued using the FIFO method of determining cost. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management’s estimates of expected year-end inventory levels and costs. Because these calculations are subject to many factors beyond management’s control, annual results may differ from interim results as they are subject to the final year-end LIFO inventory valuation. During 2021, multiple inventory pools had an increase in commodity and other costs that are expected to hold through year-end, and therefore, an adjustment of $1.6 million was made to increase the LIFO reserve and cost of sales for the quarter and nine months ended September 30, 2021. No adjustment to the LIFO reserve was recorded for the quarters and nine months ended September 30, 2020.

Inventories consisted of the following:

	September 30,		December 31,
	2021		2020
Finished and in-process products	$	50,411	$	42,304
Raw materials and supplies		39,967		23,615
	$	90,378	$	65,919