Inventories

6 Months Ended

Jun. 30, 2026


	June 30, 2026		December 31, 2025
Raw materials	$	70,643	$	116,248

Semi-finished and finished goods	144,857		167,498
Spares and other	34,069		32,877
	249,569		316,623
Reduction to LIFO cost basis	(55,424)		(80,128)
Total inventories	$	194,145	$	236,495

Substantially all of the Company’s inventories at June 30, 2026 and December 31, 2025 are valued at the lower of cost or market using the last-in, first-out (“LIFO”) method. However, approximately 6% was valued at average cost using the first-in, first-out (“FIFO”) method at June 30, 2026.

The excess of replacement cost over the carrying value of total inventories subject to LIFO was $79.4 million and $61.3 million at June 30, 2026 and December 31, 2025, respectively.