INVENTORIES

Inventories at March 31, 2018 and December 31, 2017 are summarized in the following table:



	March 31, 2018			December 31, 2017
Finished goods	$	54,983		$	55,846
Contract assets	24,862			25,320
Work-in-process	7,721			4,059
Raw materials	18,837			17,505
Total inventories at current costs	106,403			102,730
Less: LIFO reserve	(5,351		)	(5,187		)
	$	101,052		$	97,543

Inventory is generally valued at the lower of last-in, first-out (“LIFO”) cost or market. Other inventories of the Company are valued at average cost or net realizable value, whichever is lower. An actual valuation of inventory under the LIFO method is made at the end of each year based on the inventory levels and costs at that time. Interim LIFO calculations are based on management’s estimates of expected year-end levels and costs. Prior to the adoption of ASU 2014-09, contract assets were classified within work-in-process inventory.