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 September 30, 2017 and December 31, 2016 are as follows:



	Sep 30, 2017		Dec 31, 2016
	(in thousands)
Raw materials and parts	$	180,323	$	154,647
Work-in-process	41,743		35,975
Finished goods	203,866		177,621
	$	425,932	$	368,243