2. Inventories

Inventories are valued at the lower of cost and net realizable value. Cost is determined using the first‑in, first‑out inventory method. The inventory balance, which includes material, labor and manufacturing overhead costs, is recorded net of write downs for obsolete or slow-moving inventory.

The components of inventories were as follows:


(in thousands)	June 30,		December 31,
	2017		2016

Raw materials and supplies	$	52,797	$	55,424
Work-in-process		24,638		21,558
Finished goods		217,501		246,307
Inventories	$	294,936	$	323,289