(2)Inventory

Inventories are stated at the lower of cost or net realizable value. The Company applies net realizable value and obsolescence to the gross value of the inventory. Cost is determined using the first-in, first-out or weighted-average cost methods for finished goods and work-in-process. Supplies and consumables consist principally of products used in our services provided to customers. The components of the inventory balances are as follows (in thousands):



	March 31, 2017		December 31, 2016
Finished goods	$	61,724	$	49,888
Raw materials		13,443		17,948
Work-in-process		7,445		5,214
Supplies and consumables		29,450		30,029
Total	$	112,062	$	103,079