8. Inventories

Inventories consist of the following:

(in thousands)	September 30, 2011	December 31, 2010

Finished goods	$71,450	$71,919
Work in process	53,962	48,973
Raw material and supplies	41,824	35,279
Total inventories	$167,236	$156,171

Inventories are stated at the lower of cost or market and are valued at average cost, net of reserves. We record a provision for obsolete inventory based on the age and category of the inventories.