Inventories

9 Months Ended

Sep. 30, 2019

Inventories

Inventories

Note 7.   Inventories

Inventories, net of inventory write-downs, consist of the following for the periods indicated (in thousands):

	September 30, 2019		December 31, 2018
Raw materials	$	22,392	$	30,214
Work in process and sub-assemblies		51,089		49,192
Finished goods		8,637		13,850
Total inventories	$	82,118	$	93,256

The lower of cost or market adjustment expensed for inventory for the three months ended September 30, 2019 and 2018 was $1.4 million and $3.2 million, respectively. The lower of cost or market adjustment expensed for inventory for the nine months ended September 30, 2019 and 2018 was $6.6 million and $5.5 million, respectively.