Inventories

Inventories consisted of the following:



	(In thousands)
	June 30, 2018		December 31, 2017
Raw materials and supplies	$	80,985	$	65,221
Work in process	11,815		62,584
Finished goods	2,444		10,665
	95,244		138,470
Less progress payments	—		16,309
Total	$	95,244	$	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. See Note 2.