Inventories

At June 30, 2015 and December 31, 2014, the major classes of inventory are as follows:



In thousands	June 30, 2015		December 31, 2014
Raw materials and supplies	$	50,710	$	58,951
Work in process	20,249		19,151
Finished goods	78,623		95,599
Total	$	149,582	$	173,701

Inventories are stated at the lower of cost, determined on the first-in, first-out ("FIFO") method, or fair market value. The Company performs periodic assessments to determine the existence of obsolete, slow-moving and non-saleable inventories and records necessary provisions to reduce such inventories to net realizable value. Reserve balances, primarily related to obsolete and slow-moving inventories, were $8.3 million and $7.8 million at June 30, 2015 and December 31, 2014, respectively.