5. Inventories

The composition of inventories was as follows:

	December 31
(In thousands)	2015		2014
Finished products	$	124,481	$	126,157
Raw materials		45,943		57,076
Total inventories	$	170,424	$	183,233

Inventories are primarily priced using the last-in, first-out (LIFO) inventory valuation method. If the first-in, first-out (FIFO) inventory valuation method had been used for all inventories, inventory balances would have been approximately $18,171,000 and $34,340,000 higher than reported at December 31, 2015 and 2014, respectively.