Inventories

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories

InventoriesInventories consist of the following:

(In thousands)	December 31 2022		December 31 2021
Finished goods	$	11,809	$	8,323
Work-in-process	4,241		5,393
Raw materials and purchased parts	25,735		21,188
Stores and supplies	39,590		35,589
Total inventories	$	81,375	$	70,493
Valued at lower of cost or market:
LIFO basis	$	15,473	$	14,133
FIFO basis	8,826		7,567
Average cost basis	57,076		48,793
Total inventories	$	81,375	$	70,493

Inventories valued on the LIFO basis at both December 31, 2022 and December 31, 2021 were approximately $14 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 2022, 2021 or 2020.