INVENTORIES

Inventories are stated at the lower of cost or market. At June 30, 2013 and December 31, 2012, the cost of $7.2 million and $6.3 million, respectively, was determined by the last-in, first-out (“LIFO”) method. The cost of other inventories was determined by the first-in, first-out (“FIFO”) or average cost methods. If the FIFO method had been used to determine the cost of LIFO inventories, the amounts at which net inventories are stated would be higher than reported at June 30, 2013 and December 31, 2012 by $6.0 million and $5.9 million, respectively.

The Company establishes reserves for inventory estimated to be obsolete or unmarketable. Assumptions about future demand and market conditions are considered when estimating these reserves. The inventory valuation reserves were $33.9 million and $32.6 million at June 30, 2013 and December 31, 2012, respectively.

Inventories, net of inventory valuation reserves, consist of the following:



(in thousands)	June 30, 2013		December 31, 2012

Finished goods	$	263,590	$	248,870
Work-in-process	76,019		72,533
Raw materials and supplies	93,580		81,537
	$	433,189	$	402,940