Note 7. Inventories

Inventories, which are stated at the lower of cost (first-in, first-out) or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The components of inventories were as follows (in thousands):


	March 31,		December 31,
		2018		2017

Raw materials	$	34,958	$	32,994
Work-in-process		18,252		17,786
Finished goods		125,829		113,538
Inventories (Note 2)	$	179,039	$	164,318