Inventories

Inventories are comprised of the following:



	As of March 31, 2018		As of December 31, 2017
	(Dollars in thousands)
Inventories:
Raw materials	$	49,392	$	39,434
Work in process	93,578		85,852
Finished goods	59,548		48,865
Total	$	202,518	$	174,151

We recorded a lower of cost or market inventory adjustment of $1.3 million in the three months ended March 31, 2017. There was no lower of cost or market inventory adjustment for the three months ended March 31, 2018 as a result of increased sales prices and lower costs.