Inventories

3 Months Ended

Mar. 31, 2022

INVENTORIES

Inventories consisted of:


	March 31, 2022		December 31, 2021
Leaf tobacco	$	40,483	$	38,825
Other raw materials	9,115		7,560
Work-in-process	692		2,639

Finished goods	66,328		64,218

Inventories at current cost	116,618		113,242
LIFO adjustments	(18,627)		(18,627)
	$	97,991	$	94,615

All of the Company’s inventories at March 31, 2022 and December 31, 2021 are reported under the LIFO method. The $18,627 LIFO adjustment as of March 31, 2022 reduced the current cost of inventories by $12,128 for Leaf tobacco, $829 for Other raw materials, $18 for Work-in-process and $5,652 for Finished goods. The $18,627 LIFO adjustment as of December 31, 2021 reduced the current cost of inventories by $12,128 for Leaf tobacco, $829 for Other raw materials, $18 for Work-in-process and $5,652 for Finished goods.

The amount of capitalized Master Settlement Agreement (“MSA”) cost in “Finished goods” inventory was $20,971 and $20,450 at March 31, 2022 and December 31, 2021, respectively. Federal excise tax capitalized in inventory was $26,021 and $25,160 at March 31, 2022 and December 31, 2021, respectively.

At March 31, 2022, Liggett had tobacco purchase commitments of approximately $8,293. Liggett has a single-source supply agreement for reduced ignition propensity cigarette paper through December 2022.