INVENTORIES

9 Months Ended

Oct. 02, 2021

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 4 — INVENTORIES

Inventories are valued using the last-in, first-out (LIFO) method. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs existing at that time. Accordingly, interim LIFO calculations must necessarily be based on management's estimates of expected year-end inventory levels and costs. Because these are subject to many factors beyond management's control, interim results are subject to the final year-end LIFO inventory valuation.

Inventories consist of the following:

	October 2, 2021	December 31, 2020
Inventory at FIFO
Finished products	$4,946	$2,878
Materials and work in process	87,529	77,609
Gross inventories	92,475	80,487
Less: LIFO reserve	(49,473)	(48,016)
Less: excess and obsolescence reserve	(3,887)	(3,394)
Net inventories	$39,115	$29,077