INVENTORIES

12 Months Ended

Dec. 31, 2023

The components of inventories at December 31 were as follows:


	2023		2022
	(Dollars in thousands)
Raw materials	$	465,375	$	409,349
Work-in-process	219,462		218,691
Finished goods	556,737		469,212
Other	16,616		16,463
	1,258,190		1,113,715
Adjustment to value inventory at cost on the LIFO method	(317,382)		(344,312)
	$	940,808	$	769,403

Inventories include $276.3 million and $275.5 million recorded on the FIFO method at December 31, 2023 and 2022, respectively, and $158.7 million and $201.4 million recorded on the average cost method at December 31, 2023 and 2022, 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.