Inventories

3 Months Ended

Mar. 31, 2016

Inventory Disclosure [Abstract]

Inventories

12. Inventories

Inventories are stated at the lower of cost or market, with cost determined using the first-in-first out method. The Company writes down the inventory for estimated obsolescence and to lower of cost or market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by the Company, additional inventory write-downs may be required. Once established, the original cost of the inventory less the related inventory allowance represents the new cost basis of such inventories.

As of March 31, 2016 and December 31, 2015, inventories consisted of the following:

(in thousands)	March 31, 2016	December 31, 2015
Raw materials	$26,824	$27,636
Work in process	46,884	41,823
Finished goods	36,648	36,947
Total inventories	$110,356	$106,406