INVENTORIES

9 Months Ended

Sep. 30, 2021

NOTE 7. INVENTORIES

Inventories consist of the following at September 30, 2021 and December 31, 2020 (in thousands):


	September 30, 2021		December 31, 2020
Raw materials (1)	$	71,528	$	99,495
Work-in-process (1)	103,316		98,753
Finished goods (1)	122,458		154,012
Total	$	297,302	$	352,260

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(1)The components of inventory shown in the table above are net of allowance for obsolescence.

Inventory that is in excess of the amount expected to be sold within one year is classified as noncurrent inventory and is not included in the table above. At September 30, 2021 and December 31, 2020, $8.5 million and $13.2 million, respectively, of noncurrent inventory was included in Other assets in the Condensed Consolidated Balance Sheets. As of September 30, 2021 and December 31, 2020, the Company’s Condensed Consolidated Balance Sheets included approximately $17.7 million and $37.5 million, respectively, of capitalized pre-launch inventories related to products that were not yet available to be sold.