Inventories

12 Months Ended

Dec. 31, 2020

Accounts Receivable and Inventories [Abstract]

Inventories

Inventories

Inventories consist of the following:

(In thousands)	December 31 2020		December 31 2019
Finished goods	$	8,505	$	14,550
Work-in-process	16,522		13,088
Raw materials and purchased parts	117,789		104,488
Stores and supplies	30,197		24,865
Total inventories	$	173,013	$	156,991
Valued at lower of cost or market:
LIFO basis	$	107,162	$	101,465
FIFO basis	17,655		7,473
Average cost basis	48,196		48,053
Total inventories	$	173,013	$	156,991

Inventories valued on the LIFO basis at both December 31, 2020 and 2019 were approximately $23 million less than the amounts of such inventories valued at current costs. During 2018 as a result of reducing certain inventory quantities valued on a LIFO basis, net income (loss) was favorably impacted compared to that which would have been recorded under the FIFO basis of valuation by $0.6 million. There was no impact during 2020 and 2019.