Inventories

Inventories consisted of the following:



	(In thousands)
	March 31, 2018		December 31, 2017
Raw materials and supplies	$	72,986	$	65,221
Work in process	10,894		62,584
Finished goods	2,052		10,665
	85,932		138,470
Less progress payments	—		16,309
Total	$	85,932	$	122,161

The December 31, 2017 balances were prior to the adoption of ASC 606 and as such, we netted progress payments from customers related to inventory purchases against inventories on the condensed consolidated balance sheets.