Inventories

Inventories valued at LIFO cost represented 49% and 45% of total inventory at September 30, 2016 and December 31, 2015, respectively. The excess of current cost over LIFO valued inventories was approximately $8,712,000 at September 30, 2016 and December 31, 2015. An actual valuation of inventory under the LIFO method is made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO must necessarily be based, to some extent, on management's estimates at each quarter end. Net inventories consist of the following:



(in thousands)	September 30, 2016			December 31, 2015

Finished goods		$	133,396		$	129,995
Work in process		8,788			9,561
Raw materials		12,420			11,202
Total inventory		$	154,604		$	150,758

Inventory obsolescence reserves were $7,703,000 at September 30, 2016 and $9,675,000 at December 31, 2015. The decrease in reserve for obsolescence resulted from the Company's write-off of previously reserved inventory.