Inventories

Inventories valued at LIFO cost represented 45% of total inventory at March 31, 2016 and December 31, 2015, respectively. The excess of current cost over LIFO valued inventories was approximately $8,712,000 at March 31, 2016 and December 31, 2015. An actual valuation of inventory under the LIFO method is made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO must necessarily be based, to some extent, on management's estimates at each quarter end. Net inventories consist of the following:



(in thousands)	March 31, 2016			December 31, 2015

Finished goods		$	133,700		$	129,995
Work in process		11,149			9,561
Raw materials		11,723			11,202
Total inventory		$	156,572		$	150,758

Inventory obsolescence reserves were $7,996,000 at March 31, 2016 and $9,675,000 at December 31, 2015. The decrease in reserve for obsolescence resulted from the Company's quarterly review in the normal course of business.