3. Inventories

Inventories as of March 31, 2015 and December 31, 2014 consist of the following:


	March 31, 2015			December 31, 2014
Finished goods	$	33,372		$	40,404
Semi-finished goods and work-in-process		75,083			68,153
Raw materials		8,119			7,520
Materials in-transit and other		1,666			6,745
Less: inventory reserve		(41,818	)		(47,488	)

Inventories, net	$	76,422		$	75,334


	Three Months Ended
	March 31, 2015			March 31, 2014
Beginning balance	$	(47,488	)	$	(72,400	)
Change in reserve		(896	)		(2,788	)
Write off		6,338			4,012
Translation adjustments		228			911

Ending balance	$	(41,818	)	$	(70,265	)

Inventory reserve represents the Company’s best estimate in value lost due to excessive inventory level, physical deterioration, obsolescence, changes in price levels, or other causes based on individual facts and circumstances. Inventory reserve relates to inventory items including finished goods, semi-finished goods and work-in-process. Write off of this reserve is recognized only when the related inventory has been disposed or scrapped.