Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

Inventories valued at LIFO represented 41% and 42% of total inventory for the years ended December 31, 2020 and 2019, respectively. The excess of current costs (market value) over LIFO-valued inventories was $12.5 million and $10.9 million on December 31, 2020 and December 31, 2019, respectively. Inventories consisted of the following on a cost basis, net of reserves for obsolescence and LIFO:

	December 31,
(in thousands)	2020		2019
Finished goods and parts	$	196,126	$	227,823
Work in process	21,225		21,918
Raw materials	12,620		17,933
Inventory, net	$	229,971	$	267,674