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Inventories
9 Months Ended
Sep. 30, 2017
Inventory Disclosure [Abstract]  
Inventories
Inventories
Inventories are comprised of the following: 
 
As of
December 31, 2016
 
As of
September 30, 2017
 
(Dollars in thousands)
Inventories:
 
 
 
Raw materials and supplies
$
54,469

 
$
55,492

Work in process
52,379

 
65,349

Finished goods
49,263

 
43,727

         Total
$
156,111

 
$
164,568


We recorded lower of cost or market inventory adjustments of $19.5 million and $1.8 million in the nine months ended September 30, 2016 and September 30, 2017, respectively. The decrease is attributable to the reduction in product costs and increases in prices.