6. Inventories

Inventories consist of the following (in thousands):

	December 31, 2016			September 30, 2016
Finished goods	$	38,198		$	40,260
Work in process		3,788			8,272
Raw material		73,146			65,682
Obsolescence reserve		(13,367	)		(9,674	)
	$	101,765		$	104,540

During the three months ended December 31, 2016 and 2015, the Company made non-cash inventory transfers of $0.3 million and $0.1 million, respectively, to its rental equipment fleet. Raw materials include semi-finished goods and component parts totaling $49.6 million and $43.8 million, respectively, at December 31, 2016 and September 30, 2016.