Note 3. Inventories

The components of inventory are summarized below (in thousands):


	December 31,		December 31,
	2019		2018
Inventories:
Raw materials	$	20,677	$	26,966
Work in process		24,946		28,217
Finished goods		3,529		3,388
	$	49,152	$	58,571

As of December 31, 2019 and 2018, carrying values of inventories were net of inventory reserves of $16.4 million and $14.8 million, respectively, for excess and obsolete inventory and $91,000 and $18,000, respectively, for lower of cost or net realizable value reserves.