10. Inventories

Inventories are stated at the lower of cost or market, using the first-in, first-out method. Provisions are made for slow-moving, unsellable or obsolete items. Inventories consist of the following:


	December 31,
	2015		2014
	(in thousands)
Raw materials and supplies	$	31,878	$	41,996
Work in process		21,455		16,221
Finished goods		19,867		24,755
Total inventory		73,200		82,972
Less reserve for excess and obsolete inventories		(2,535)		(640)
Total inventory, net	$	70,665	$	82,332