INVENTORIES

Inventories at December 31, 2015 and 2014, consisted of the following (amounts in thousands):



	2015			2014
Raw material	$	85,490		$	119,989
Work-in-process	31,866			41,073
Finished goods	158,997			179,998
	276,353			341,060
Adjustment to LIFO basis	(6,562		)	(9,628		)
	$	269,791		$	331,432

If the Company were to liquidate the December 31, 2015 balance of LIFO basis inventory, it would pay tax of $2.5 million. If the Company would have liquidated the December 31, 2014 balance of LIFO basis inventory, it would have paid tax of $3.7 million. See Note 2 for additional information on the mining inventory write-downs of $16.7 million recorded in 2014.