INVENTORIES

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

Inventories consisted of:

	March 31, 2024		December 31, 2023
Leaf tobacco	$	58,480	$	46,190
Other raw materials	9,562		9,372
Work-in-process	717		814
Finished goods	68,519		65,295
Inventories at current cost	137,278		121,671
LIFO adjustments:
Leaf tobacco	(20,691)		(19,941)
Other raw materials	(2,411)		(2,411)
Work-in-process	(105)		(105)
Finished goods	(7,505)		(7,255)
Total LIFO adjustments	(30,712)		(29,712)
	$	106,566	$	91,959

All inventories as of March 31, 2024 and December 31, 2023 are reported under the LIFO method.

The amount of capitalized Master Settlement Agreement (“MSA”) cost in “Finished goods” inventory was $23,462 and $22,988 as of March 31, 2024 and December 31, 2023, respectively. Federal excise tax capitalized in inventory was $25,156 and $25,151 as of March 31, 2024 and December 31, 2023, respectively.

At March 31, 2024, Liggett had tobacco purchase commitments of approximately $11,641. Liggett has a single-source supply agreement for reduced ignition propensity cigarette paper through December 2025.