Inventories (Notes)

6 Months Ended

Jun. 30, 2017

Inventories

In January 2017, the Company prospectively adopted the guidance per ASU 2015-11, “Simplifying the Measurement of Inventory.” The Company previously measured its inventory at the lower of cost or market with cost being determined by the first-in, first-out (“FIFO”) method. Based on the new guidance, the Company measures its inventory at the lower of cost or net realizable value with net realizable value being the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The adoption of the guidance did not have a material impact on the Company’s condensed consolidated financial statements.

The following table summarizes the components of inventory:



	June 30, 2017		December 31, 2016
Raw materials and supplies	$	72,692	$	65,719
Work in process	33,369		31,576
Finished goods	78,230		72,388
Total inventories, net	$	184,291	$	169,683

The allowances for excess and obsolete inventory was $9,370 and $10,069 at June 30, 2017 and December 31, 2016, respectively.