Inventories

Inventories are stated at the lower of standard cost or net realizable value.

We regularly review our inventories for the presence of obsolete product attributed to age, seasonality and quality. If our review indicates a reduction in utility below the product’s carrying value, we reduce the product to a new cost basis. We record the cost of inventory for which we estimate we have more than a twelve-month supply as a component of Intangible, equity method investment and other assets, net on our Consolidated Balance Sheets.

Inventories consisted of the following (in thousands):



	March 31, 2018		December 31, 2017
Raw materials	$	3,916	$	4,290
Work in process	2,524		1,960
Finished goods	6,919		5,009
Packaging materials	1,162		956
Promotional merchandise	931		1,161
Brewpub food, beverages and supplies	458		468
	$	15,910	$	13,844

Work in process is beer held in fermentation tanks prior to the filtration and packaging process.