Inventories

12 Months Ended

Dec. 31, 2021

Accounts Receivable and Inventories [Abstract]

Inventories

InventoriesInventories consist of the following:

(In thousands)	December 31 2021		December 31 2020
Finished goods	$	8,323	$	7,749
Work-in-process	5,393		2,795
Raw materials and purchased parts	21,188		20,259
Stores and supplies	35,589		30,198
Total inventories	$	70,493	$	61,001
Valued at lower of cost or market:
LIFO basis	$	14,133	$	14,690
FIFO basis	7,567		5,485
Average cost basis	48,793		40,826
Total inventories	$	70,493	$	61,001

Inventories valued on the LIFO basis at both December 31, 2021 and December 31, 2020 were approximately $13 million less than the amounts of such inventories valued at current costs. There was no significant impact on net income as a result of reducing certain inventory quantities valued on a LIFO basis during 2021, 2020 or 2019.