Inventories

Inventories valued at LIFO cost represented 65% and 67% of total inventory at March 31, 2017 and December 31, 2016, respectively. The excess of current cost over LIFO valued inventories was approximately $8,123,000 at March 31, 2017 and December 31, 2016. 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, 2017			December 31, 2016

Finished goods		$	119,834		$	116,667
Work in process		10,769			9,431
Raw materials		10,805			9,662
Total inventory		$	141,408		$	135,760

Inventory obsolescence reserves were $7,209,000 at March 31, 2017 and $7,262,000 at December 31, 2016.