Inventories

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of the following: 

	Sept. 30, 2022		Sept. 30, 2021		Dec. 31, 2021
	(Dollars in thousands)
Raw materials	$	452,307	$	333,202	$	394,102
Work-in-process	231,036		152,429		157,406
Finished goods	542,044		370,134		394,378
Other	16,857		16,005		15,731
	1,242,244		871,770		961,617
Adjustment to value inventory at cost on the LIFO method	(391,174)		(109,588)		(162,780)
	$	851,070	$	762,182	$	798,837

During the nine months ended September 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 $26.2 million and $33.5 million for the three and nine months ended September 20, 2022, respectively.