Inventories

The following table sets forth the components of inventory:



	December 31,
(In thousands)	2016			2015
Finished products	$	54,348		$	74,929
Work in process	6,542			8,979
Raw materials and supplies	84,069			85,643
Inventories at current cost	144,959			169,551
Less: LIFO valuation	(41,893		)	(43,702		)
Total inventories	$	103,066		$	125,849

Inventories stated on the LIFO basis represent 25% and 23% of total inventories at December 31, 2016 and 2015, respectively.

Reductions in certain inventory quantities during the years ended December 31, 2016 and 2015 resulted in liquidations of LIFO inventories carried at lower costs prevailing in prior years. The effect of LIFO liquidations during 2016 reduced cost of sales by $0.3 million and increased net income by $0.2 million. The effect of LIFO liquidations during 2015 reduced cost of sales by $1.4 million and increased net income by $0.9 million.