Inventories

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of the following: 

	June 30, 2022		June 30, 2021		Dec. 31, 2021
	(Dollars in thousands)
Raw materials	$	362,950	$	302,719	$	394,102
Work-in-process	255,249		164,655		157,406
Finished goods	807,219		534,522		394,378
Other	16,881		15,497		15,731
	1,442,299		1,017,393		961,617
Adjustment to value inventory at cost on the LIFO method	(188,405)		(109,588)		(162,780)
	$	1,253,894	$	907,805	$	798,837

During the three and six months ended June 30, 2022, we implemented an inventory management program which resulted in permanent reductions of inventories valued under the last-in, first-out basis. This resulted in liquidations of inventory layers carried at costs prevailing in prior years and thereby decreased cost of goods sold by $7.3 million for both periods.