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Inventories

6 Months Ended

Jun. 30, 2013

11. Inventories

The components of Inventories are summarized below:


(in thousands)	June 30, 2013	December 31, 2012
Finished goods	$48,698	$49,235
Work in process	42,871	44,866
Raw material and supplies	25,874	25,082
Total inventories	$117,443	$119,183

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.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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