5. Inventories

The composition of inventories was as follows:

	December 31
(In thousands)	2017		2016
Finished products	$	117,529	$	127,597
Raw materials		55,219		46,066
Total inventories	$	172,748	$	173,663

Inventories are primarily priced using the last-in, first-out (LIFO) inventory valuation method. If the first-in, first-out (FIFO) inventory valuation method had been used for all inventories, inventory balances would have been approximately $33,518,000 and $25,872,000 higher than reported at December 31, 2017 and 2016, respectively.