(7) Inventories

Inventories are valued at the lower of cost (principally on a standard cost basis which approximates the first-in, first-out (“FIFO”) method) or market. Market is the lower of replacement cost or net realizable value.

Raw materials principally consist of raw steel, wood, glass, paint, vinyl and other assembly components used in manufacturing and remanufacturing processes, and to a lesser extent, parts used for internal maintenance, and ancillary items held for sale in our specialty containment segment. Work-in-process primarily represents partially assembled units pre-sold or for use as fleet. Finished portable storage units primarily represent purchased or assembled containers held in inventory until the container is either sold as is, remanufactured and sold, or remanufactured and deployed as rental fleet.

 

Inventories at March 31, 2015 and December 31, 2014 consisted of the following:

 

		March 31, 2015				December 31, 2014
		(In thousands)
Raw materials and supplies		$	14,569			$	14,241
Work-in-process			212				201
Finished portable storage units			1,737				2,294
Inventories		$	16,518			$	16,736