Inventories

Inventories are composed of material, labor and overhead and are stated at the lower of cost or market. Costs for inventory have been determined using the first-in, first-out ("FIFO") method. The company estimates reserves for inventory obsolescence and shrinkage based on its judgment of future realization. Inventories at July 1, 2017 and December 31, 2016 are as follows:



	Jul 1, 2017		Dec 31, 2016
	(in thousands)
Raw materials and parts	$	187,077	$	154,647
Work-in-process	38,556		35,975
Finished goods	196,301		177,621
	$	421,934	$	368,243