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Inventories

3 Months Ended

Mar. 31, 2015

Note 3. Inventories

Inventories are comprised of the following:


	March 31,		December 31,
	2015		2014
Raw materials	$	35,897	$	35,191
Work in process		20,471		21,883
Finished goods		29,261		34,395

	$	85,629	$	91,469

Inventories on consignment at customer locations as of March 31, 2015 and December 31, 2014 totaled $3,943 and $5,857, respectively.

Inventories are stated at the lower of cost or market. Cost is determined using the average cost method. The inventory valuations above were developed using normalized production capacities for each of our manufacturing locations. Any costs from abnormal excess capacity or under-utilization of fixed production overheads are expensed in the period incurred and are not included as a component of inventory valuation.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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