Inventories

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

Inventories

13. Inventories

Costs included in inventories are raw materials, labor, supplies and allocable depreciation and overhead. Raw material inventories are valued on an average cost basis. Other inventory cost elements are valued at cost, using the first-in, first-out method. The Company writes down the inventories for estimated obsolescence, and to lower of cost or net realizable value based upon assumptions about future demand and market conditions. If actual demand or 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 write-down represents the new cost basis of such inventories.

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As of March 31, 2020 and December 31, 2019, Inventories consisted of the following:

(in thousands)	March 31, 2020	December 31, 2019
Raw materials	$60,907	$52,960
Work in process	34,266	31,744
Finished goods	14,253	10,445
Total inventories	$109,426	$95,149