Inventories

9 Months Ended

Sep. 30, 2023

INVENTORIES

Inventories are stated at the lower of cost (first-in, first-out (FIFO) method) or net realizable value. Cost includes material, labor, and overhead. Inventories consisted of the following at:


	September 30,		December 31,
(In thousands)	2023			2022
Raw materials	$	484,290		$	600,601
Work in process	48,657			44,850
Finished goods	258,937			384,254
Inventories, net	$	791,884		$	1,029,705

At September 30, 2023 and December 31, 2022, the Company had recorded inventory obsolescence reserves of $63.0 million and $55.9 million, respectively.