INVENTORIES

Inventories are stated at the lower of cost (first-in, first-out) or net realizable value. Net realizable value is the estimated selling price 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, 2019		December 31, 2018

Raw materials	$	32,869	$	31,973
Work-in-process	20,077		17,009
Finished goods	136,522		124,321
Inventories	$	189,468	$	173,303