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Inventories | 12 Months Ended
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Dec. 31, 2015
Inventory Disclosure [Abstract] |
Inventories | Inventories The following table sets forth the components of inventory:
| December 31,
(In thousands) | 2015 |  | 2014
Finished products | $ | 74,929 |  |  | $ | 89,595 |
Work in process | 8,979 |  |  | $ | 8,942 |
Raw materials and supplies | 85,643 |  |  | 68,885 |
Inventories at current cost | 169,551 |  |  | 167,422 |
Less: LIFO valuation | (43,702 | ) |  | (44,468 | )
Total inventories | 125,849 |  |  | 122,954 |
Inventories stated on the LIFO basis represent 23% and 21% of total inventories at December 31, 2015 and 2014, respectively. Reductions in certain inventory quantities during the years ended December 31, 2015 and 2014 resulted in liquidations of LIFO inventories carried at lower costs prevailing in prior years. The effect of LIFO liquidations during 2015 reduced cost of sales by $1.4 million and increased net income by $0.9 million. The effect of LIFO liquidations during 2014 were inconsequential to changes in cost of sales and net income.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a, b, c -Article 5 + Details
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