Inventories

The following table sets forth the components of inventory:



	December 31,
(In thousands)	2017			2016
Finished products	$	66,064		$	54,348
Work in process	10,141			6,542
Raw materials and supplies	117,388			84,069
Inventories at current cost	193,593			144,959
Less: LIFO valuation	(39,854		)	(41,893		)
Total inventories	$	153,739		$	103,066

Inventories stated on the LIFO basis represent 39% and 25% of total inventories at December 31, 2017 and 2016, 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. We did not have any LIFO liquidations during the year ended December 31, 2017.