4. INVENTORIES

The following table summarizes inventories by major classification as of December 31, 2015 and 2014:



	December 31,
	2015		2014

	(in thousands)
Finished goods	$	162,341	$	167,515
Work-in-progress		918		703
Raw materials		4,933		2,794
Total inventories, net	$	168,192	$	171,012

Inventory Write-down

During the year ended December 31, 2015, Crocs recorded approximately $3.1 million of inventory write-down charges related to inventory with a market value lower than cost, which are reported in ‘Cost of sales’ in the consolidated statement of operations. During the year ended December 31, 2014, Crocs recorded approximately $11.5 million of inventory write-down charges related to obsolete inventory with a market value lower than cost, of which $4.0 million was reported in the ‘Restructuring charges’ included in gross margin with the remaining amounts reported in ‘Cost of sales’ in the consolidated statements of operations. During the year ended December 31, 2013, Crocs recorded approximately $3.4 million of inventory write-down charges related to obsolete inventory with a market value lower than cost. These charges were related to certain obsolete raw materials, footwear, and accessories and are reported in ‘Cost of sales’ in the consolidated statement of operations.