3. Inventories

6 Months Ended

Jun. 30, 2016

Inventory Disclosure [Abstract]

Inventories

Inventories consisted primarily of bulk ethanol, corn, co-products, Low-Carbon Fuel Standard (“LCFS”) credits and unleaded fuel, and are valued at the lower-of-cost-or-net realizable value, with cost determined on a first-in, first-out basis. Included in inventory is a $1.5 million valuation adjustment as of June 30, 2016. Inventory balances consisted of the following (in thousands):

	June 30, 2016		December 31, 2015
Finished goods	$	35,543	$	31,153
LCFS credits		12,830		6,957
Raw materials		8,678		9,891
Work in progress		7,235		11,121
Other		1,642		1,698
Total	$	65,928	$	60,820