Inventories



(In thousands)	2017			2016

Raw materials and supplies	$	108,397		$	57,387
Work-in-process	46,158			42,227
Finished goods	180,143			149,288
Valuation reserves	(6,797		)	(6,889		)

Inventories	$	327,901		$	242,013

Inventories valued using the LIFO method totaled $26.5 million at December 30, 2017 and $14.4 million at December 31, 2016. At December 30, 2017 and December 31, 2016, the approximate FIFO cost of such inventories was $111.0 million and $76.6 million, respectively. Additionally, the Company values certain inventories purchased for resale on an average cost basis. The value of those inventories was $43.9 million at December 30, 2017 and $43.8 million at December 31, 2016.

During 2016, inventory quantities valued using the LIFO method declined, which resulted in liquidation of LIFO inventory layers. This liquidation resulted primarily from intercompany sales; therefore $2.5 million of the $3.3 million loss related to the LIFO liquidation was deferred at the end of 2016. The deferred loss increased cost of goods sold in the first quarter of 2017 when the inventory was sold to third parties.

During September 2017, the Company experienced a casting outage at its brass rod mill which impaired its ability to melt scrap returns, causing an excess build of $38.9 million in inventory.

At the end of 2017 and 2016, the FIFO value of inventory consigned to others was $4.4 million and $2.5 million, respectively.