6. Inventories

Inventories consist of the following (in thousands):

	June 30, 2016			September 30, 2015
Finished goods	$	44,366		$	55,074
Work in process		2,019			5,632
Raw material		74,685			70,769
Obsolescence reserve		(10,948	)		(6,675	)
	$	110,122		$	124,800

During the nine months ended June 30, 2016 and 2015, the Company made non-cash inventory transfers of $3.0 million and $4.8 million, respectively, to its rental equipment fleet. Raw materials include semi-finished goods and component parts totaling $52.5 million and $48.4 million, respectively, at June 30, 2016 and September 30, 2015.