Inventories

9 Months Ended

Sep. 30, 2026

Inventories consisted of the following:


	Sept. 30, 2026		Sept. 30, 2025		Dec. 31, 2025
	(Dollars in thousands)
Raw materials	$	467,630	$	522,583	$	586,296
Work-in-process	236,851		221,628		204,882
Finished goods	592,496		529,788		595,089
Other	18,764		17,327		16,861
	1,315,741		1,291,326		1,403,128
Adjustment to value inventory at cost on the LIFO method	(398,802)		(268,961)		(322,994)
	$	916,939	$	1,022,365	$	1,080,134

During 2026, we implemented an inventory management program which resulted in permanent reductions of inventories valued under the last-in, first-out basis. This resulted in liquidations of inventory layers carried at costs prevailing in prior years, decreasing cost of goods sold by $26.8 million and $34.0 million for the three and nine months ended September 30, 2026, respectively.