3.	INVENTORIES

The Company's inventories at December 31, 2015 and March 31, 2015 are summarized as follows:


(In thousands)	December 31, 2015		March 31, 2015
Raw materials	$	46,211	$	50,578
Work-in-progress		17,771		17,905
Finished goods		22,944		19,271
Total	$	86,926	$	87,754

The value of goods-in-transit included in raw materials was $7.3 million and $11.9 million as of December 31, 2015 and March 31, 2015, respectively, which mainly represented the purchase of milk powder and whey powder from international sources.

The Company recorded lower of cost or market provisions for inventory of $0.5 million and $1.8 million for the quarter ended December 31, 2015 and 2014, respectively, and $5.5 million and $3.8 million for the nine months ended December 31, 2015 and 2014, respectively.