Inventories

The following table sets forth the components of inventory:



	December 31,
(In thousands)	2015			2014
Finished products	$	74,929		$	89,595
Work in process	8,979			$	8,942
Raw materials and supplies	85,643			68,885
Inventories at current cost	169,551			167,422
Less: LIFO valuation	(43,702		)	(44,468		)
Total inventories	125,849			122,954

Inventories stated on the LIFO basis represent 23% and 21% of total inventories at December 31, 2015 and 2014, respectively.

Reductions in certain inventory quantities during the years ended December 31, 2015 and 2014 resulted in liquidations of LIFO inventories carried at lower costs prevailing in prior years. The effect of LIFO liquidations during 2015 reduced cost of sales by $1.4 million and increased net income by $0.9 million. The effect of LIFO liquidations during 2014 were inconsequential to changes in cost of sales and net income.