Inventories

3 Months Ended

Mar. 31, 2024

5.	INVENTORIES

Inventories valued at LIFO

(last-in,

first-out),

consist of the following (in thousands):


	March 31, 2024			December 31, 2023
Finished goods	$	89,619		$	88,840
Raw materials		67,705			51,688

Total FIFO (first-in, first-out) inventories		157,324			140,528
Reserve to adjust inventories to LIFO value		(33,439	)		(33,439	)

Total LIFO inventories	$	123,885		$	107,089

The Company utilizes the LIFO method of accounting, which generally provides for the matching of current costs with current revenues. However, under the LIFO method, reductions in annual inventory balances may cause a portion of the Company’s cost of sales to be based on historical costs rather than current year costs (LIFO liquidation). Reductions in interim inventory balances expected to be replenished by

year-end

do not result in a LIFO liquidation. Accordingly, interim LIFO calculations are based, in part, on management’s estimates of expected

year-end

inventory levels and costs and may differ from actual results. Since inventory levels and costs are subject to factors beyond management’s control, interim results are subject to the final

year-end

LIFO inventory valuation. There were no LIFO inventory liquidations or related impact on the cost of sales in the three months ended March 31, 2024.