Inventories

3 Months Ended

Mar. 31, 2023

INVENTORIES

Inventories are stated at the lower of cost (first-in, first-out (FIFO) method) or net realizable value. Cost includes material, labor, and overhead. Inventories consisted of the following at:


	March 31,		December 31,
(In thousands)	2023			2022
Raw materials	$	529,497		$	600,601
Work in process	46,951			44,850
Finished goods	332,937			384,254
Inventories, net	$	909,385		$	1,029,705

At March 31, 2023 and December 31, 2022, the Company had recorded inventory obsolescence reserves of $55.8 million and $55.9 million, respectively.