NOTE 2 INVENTORIES

Inventories, by component, consisted of:


	2015		2014
Raw materials	$	91,214	$	108,618
Work in process		90,625		94,414
Finished goods		113,073		115,809
Total		294,912		318,841
Less LIFO reserve		—		(7,769)
Total	$	294,912	$	311,072

At December 31, 2014, approximately 19% of the total inventories were accounted for by the LIFO method. As discussed in Note 1 above, the Company changed its inventory valuation method for certain operating entities in its North American business to the first-in first-out (FIFO) method from the last-in first-out (LIFO) method during the second quarter of 2015. Had this change not been implemented, the Company would have reported a LIFO reserve of $4,974 at December 31, 2015, as compared to $7,769 at December 31, 2014.