Inventories

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories valued at LIFO cost represented 58% and 41% of total inventory at June 30, 2021 and December 31, 2020, respectively. The excess of current cost (market value) over LIFO valued inventories was approximately $12.5 million at June 30, 2021 and December 31, 2020. An actual valuation of inventory under the LIFO method is made only at the end of each year based on the inventory levels and costs at that time.  Accordingly, interim LIFO must be based, to some extent, on management's estimates at each quarter end. Net inventories consist of the following:

(in thousands)	June 30, 2021			December 31, 2020
Finished goods		$	225,777		$	196,126
Work in process		23,664			21,225
Raw materials		15,099			12,620
Inventories, net		$	264,540		$	229,971

Inventory obsolescence reserves were $9.8 million at June 30, 2021 and $12.0 million at December 31, 2020.