12.	INVENTORIES

Inventories, net of reserves were as follows:

	December 31
In thousands		2016		2015
Raw materials	$	66,359	$	60,098
In-process and finished		112,507		115,874
Supplies		70,803		71,242
Total	$	249,669	$	247,214

We value all of our U.S. inventories, excluding supplies, on the LIFO method. If we had valued these inventories using the first-in, first-out method, inventories would have been $21.3 million and $28.2 million higher than reported at December 31, 2016 and 2015, respectively.