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INVENTORIES
 12 Months Ended
Dec. 31, 2022
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
The components of inventories at December 31 were as follows:
20222021
 (Dollars in thousands)
Raw materials$409,349 $394,102 
Work-in-process218,691 157,406 
Finished goods469,212 394,378 
Other16,463 15,731 
1,113,715 961,617 
Adjustment to value inventory at cost on the LIFO method(344,312)(162,780)
$769,403 $798,837 
Inventories include $275.5 million and $284.0 million recorded on the FIFO method at December 31, 2022 and 2021, respectively, and $201.4 million and $133.3 million recorded on the average cost method at December 31, 2022 and 2021, respectively. During 2022, we implemented an inventory management program which resulted in permanent reductions of inventories valued under the LIFO method. This resulted in liquidations of inventory layers carried at costs prevailing in prior years and thereby decreased cost of goods sold by $83.0 million for the year ended December 31, 2022.