Inventories

9 Months Ended

Sep. 30, 2018

INVENTORIES

Inventories as of September 30, 2018 and December 31, 2017 are summarized in the following table:


	September 30, 2018		December 31, 2017
Finished goods	$	55,988	$	55,846
Contract assets	27,796		25,320
Work-in-process	8,364		4,059
Raw materials	22,653		17,505
Total inventories at current costs	114,801		102,730
Less LIFO reserve	(7,601)		(5,187)
	$	107,200	$	97,543

Inventory is generally valued at the lower of last-in, first-out (“LIFO”) cost or market. Other inventories of the Company are valued at average cost or net realizable value, whichever is lower. An actual valuation of inventory under the LIFO method is made at the end of each year based on the inventory levels and costs at that time. Interim LIFO calculations are based on management’s estimates of expected year-end levels and costs. Prior to the adoption of ASU 2014-09, contract assets were classified within work-in-process inventory.