Note 4. Inventories

Inventories are stated at lower of cost or market. Cost is determined using a weighted average cost method for scrap, and on a first-in, first-out, basis for other inventory. Inventory consisted of the following (in thousands):

	June 30,		December 31,
	2015		2014
Raw materials	$	518,096	$	764,883
Supplies	385,728		374,599
Work in progress	110,750		128,882
Finished goods	277,495		350,055

Total inventories	$	1,292,069	$	1,618,419

During the second quarter 2015, the company recorded an inventory lower-of-cost or market charge of $21.0 million (inclusive of noncontrolling interests of $3.6 million), related to the idling of its Minnesota ironmaking operations. The expense is recorded within cost of goods sold during the three- and six-months ended June 30, 2015.