Note 3. Inventories

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


	March 31,		December 31,
	2020		2019
Inventories:
Raw materials	$	20,974	$	20,677
Work in process		24,874		24,946
Finished goods		2,405		3,529
	$	48,253	$	49,152

As of March 31, 2020 and December 31, 2019, carrying values of inventories were net of inventory reserves of $16.6 million and $16.4 million, respectively, for excess and obsolete inventory and $97,000 and $91,000, respectively, for lower of cost or net realizable value reserves.