INVENTORIES

Inventories are stated at the lower of cost or market. The cost of inventories determined by the last-in, first-out (“LIFO”) method at March 31, 2015 and December 31, 2014 were $7.0 million and $6.3 million, respectively. 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 March 31, 2015 and December 31, 2014 by $6.3 million and $6.1 million, respectively.

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



(in thousands)	March 31, 2015		December 31, 2014

Finished goods	$	249,800	$	253,333
Work-in-process	59,499		58,329
Raw materials and supplies	70,799		75,433
Inventories, net	$	380,098	$	387,095

The inventory valuation reserves were $34.0 million and $34.1 million at March 31, 2015 and December 31, 2014, respectively.