Inventories, Net

3 Months Ended

Mar. 31, 2025

NOTE 3 - INVENTORIES, NET

Inventories, net

Inventory is carried at lower of cost or net realizable value. The components of inventory are as follows:


	March 31, 2025		December 31, 2024
Raw materials	$	74,990	$	75,138
Work-in-process	15,475		12,225
Finished products	55,379		52,792
Inventories, net of excess and obsolete inventory reserve	145,844		140,155
Excess of current cost over LIFO cost	(10,746)		(10,242)
Inventories at LIFO cost	$	135,098	$	129,913

Costs for inventories of certain material, mainly in the U.S., are determined using the Last-In First-Out ("LIFO") method and totaled approximately $42.4 million at March 31, 2025 and $46.5 million at December 31, 2024. An actual valuation of inventories under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation. During the three-month periods ended March 31, 2025 and 2024, the net change in LIFO inventories resulted in an expense of $0.5 million and $0.2 million, respectively, to Cost of products sold. The Company’s reserves for excess and obsolete inventory were $16.6 million at March 31, 2025 and $17.7 million at December 31, 2024.