Note 4 Inventories

Components of inventories, net, at December 31, 2017 and 2016 are as follows:


(in thousands)	2017		2016
Raw materials	$	37,660	$	38,383
Work in process		3,906		3,109
Finished goods and parts		62,337		61,839
Inventories, net	$	103,903	$	103,331

During 2017, the Company recorded inventory adjustments totaling $12.9 million resulting from its lower of cost or net realizable value analysis. The charge was effected because of ongoing efforts to focus and prioritize the Company’s portfolio based on year-to-date demand, market trends and a better understanding of where the Company’s offerings meet and will continue to meet customers’ needs and demand. The inventory adjustments related primarily to legacy plastics printers, refurbished and used metals printers and parts which have shown little to no use over extended periods.

During 2016, the Company recorded inventory adjustments totaling $10.7 million in connection with the discontinuation of certain products as a result of the Company’s updated strategy.