6. Inventories

Inventories consist of the following (in thousands):

	June 30, 2015			September 30, 2014
Finished goods	$	54,403		$	42,473
Work-in-process		8,647			28,582
Raw materials		77,789			82,599
Obsolescence reserve		(9,452	)		(7,764	)
	$	131,387		$	145,890

During the nine months ended June 30, 2015 and 2014, the Company made non-cash inventory transfers of $4.8 million and $7.0 million, respectively, to its rental equipment fleet. Raw materials include semi-finished goods and component parts totaling $45.1 million and $43.6 million at June 30, 2015 and September 30, 2014, respectively.