Inventories

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

Inventories consisted of:

	September 30, 2023		December 31, 2022
Leaf tobacco	$	40,731	$	39,893
Other raw materials	10,915		8,808
Work-in-process	903		798
Finished goods	64,348		64,865
Inventories at current cost	116,897		114,364
LIFO adjustments:
Leaf tobacco	(18,249)		(15,213)
Other raw materials	(2,520)		(1,220)
Work-in-process	(25)		(25)
Finished goods	(6,839)		(5,458)
Total LIFO adjustments	(27,633)		(21,916)
	$	89,264	$	92,448

All inventories as of September 30, 2023 and December 31, 2022 are reported under the LIFO method.

The amount of capitalized Master Settlement Agreement (“MSA”) cost in “Finished goods” inventory was $23,020 and $23,084 as of September 30, 2023 and December 31, 2022, respectively. Federal excise tax capitalized in inventory was $25,164 and $26,423 as of September 30, 2023 and December 31, 2022, respectively.

At September 30, 2023, Liggett had tobacco purchase commitments of approximately $40,210. Liggett has a single-source supply agreement for reduced ignition propensity cigarette paper through December 2025.