3. Inventories

3 Months Ended

Mar. 31, 2017

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 and net realizable value, with cost determined on a first-in, first-out basis. Total inventories are net of a valuation adjustment of $2,086,000 as of March 31, 2017. Inventory balances consisted of the following (in thousands):

	March 31, 2017		December 31, 2016
Finished goods	$	32,559	$	33,773
LCFS credits		10,143		10,926
Raw materials		6,380		6,571
Work in progress		7,255		7,092
Other		1,708		1,708
Total	$	58,045	$	60,070