Inventories, Net

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories, Net

Note 2 – Inventories, Net

Inventories, net

	December 31,
	2023			2022
Raw materials	$	98,708		$	104,872
Work-in-process		14,397			14,450
Finished products		46,250			41,295
Inventories, net of excess and obsolete inventory reserve		159,355			160,617
Excess of current cost over LIFO cost		(10,541	)		(13,159	)
Inventories at LIFO cost	$	148,814		$	147,458

Costs for inventories of certain material, mainly in the U.S., are determined using the LIFO method and totaled approximately $60.1 million and $68.3 million at December 31, 2023 and 2022, respectively. The net change in LIFO inventories for December 31, 2023 and 2022 resulted in a benefit of $2.6 million and a charge of $3.7 million to Cost of products sold, respectively. The Company’s reserves for slow-moving and obsolete inventory at December 31, 2023 and 2022 were $17.6 million and $10.8 million, respectively.