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Inventories | 12 Months Ended
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Dec. 31, 2017
Inventory Disclosure [Abstract] |
Inventories | Inventories The following table sets forth the components of inventory:
| December 31,
(In thousands) | 2017 |  | 2016
Finished products | $ | 66,064 |  |  | $ | 54,348 |
Work in process | 10,141 |  |  | 6,542 |
Raw materials and supplies | 117,388 |  |  | 84,069 |
Inventories at current cost | 193,593 |  |  | 144,959 |
Less: LIFO valuation | (39,854 | ) |  | (41,893 | )
Total inventories | $ | 153,739 |  |  | $ | 103,066 |
Inventories stated on the LIFO basis represent 39% and 25% of total inventories at December 31, 2017 and 2016, respectively. Reductions in certain inventory quantities during the years ended December 31, 2016 and 2015 resulted in liquidations of LIFO inventories carried at lower costs prevailing in prior years. The effect of LIFO liquidations during 2016 reduced cost of sales by $0.3 million and increased net income by $0.2 million. The effect of LIFO liquidations during 2015 reduced cost of sales by $1.4 million and increased net income by $0.9 million. We did not have any LIFO liquidations during the year ended December 31, 2017.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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