Inventories

6 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories valued at LIFO cost represented 45% and 42% of total inventory at June 30, 2020 and December 31, 2019, respectively. The excess of current cost over LIFO valued inventories was approximately $10.9 million at June 30, 2020 and December 31, 2019. An actual valuation of inventory under the LIFO method is made only at the end of each year based on the inventory levels and costs at that time.  Accordingly, interim LIFO must be based, to some extent, on management's estimates at each quarter end. Net inventories consist of the following:

(in thousands)	June 30, 2020			December 31, 2019
Finished goods		$	208,472		$	227,823
Work in process		25,705			21,918
Raw materials		14,529			17,933
Inventories, net		$	248,706		$	267,674

Inventory obsolescence reserves were $9.7 million at June 30, 2020 and $8.2 million at December 31, 2019.