Inventories

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories consist of:

	December 31, 2022		December 31, 2021
Leaf tobacco	$	39,893	$	38,825
Other raw materials	8,808		7,560
Work-in-process	798		2,639
Finished goods	64,865		64,218
Inventories at current cost	114,364		113,242
LIFO adjustments	(21,916)		(18,627)
	$	92,448	$	94,615

All the Company’s inventories as of December 31, 2022 and 2021 have been reported under the LIFO method. The $21,916 LIFO adjustment as of December 31, 2022 decreases the current cost of inventories by $15,213 for Leaf tobacco, $1,220 for Other raw materials, $25 for Work-in-process, and $5,458 for Finished goods. The $18,627 LIFO adjustment as of December 31, 2021 decreased 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. Cost of sales was reduced by $3,248 and $330 for the years ended December 31, 2022 and December 31, 2021, respectively, due to liquidations of LIFO inventories.

The amount of capitalized MSA cost in “Finished goods” inventory was $23,084 and $20,450 as of December 31, 2022 and 2021, respectively. Federal excise tax capitalized in inventory was $26,423 and $25,160 as of December 31, 2022 and 2021, respectively.

At December 31, 2022, Liggett had tobacco purchase commitments of approximately $23,263. Liggett has a single source supply agreement for reduced ignition propensity cigarette paper through 2022.