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Inventory
3 Months Ended
Mar. 31, 2022
Inventory Disclosure [Abstract]  
Inventory Inventory
The components of inventory are summarized as follows:
 
 March 31, 2022December 31, 2021
 (in thousands)
Raw materials$678 $1,763 
Work in process74,025 62,635 
Finished goods8,207 14,661 
Total inventory$82,910 $79,059 
 
Long-term inventory, which primarily consists of raw materials and work in process, is included in other assets in the Company’s unaudited condensed consolidated balance sheets.
 
 March 31, 2022December 31, 2021
 (in thousands)
Balance Sheet Classification:  
Inventory$39,422 $38,195 
Other assets43,488 40,864 
Total inventory$82,910 $79,059 

Inventory amounts written down as a result of excess, obsolescence, scrap or other reasons and charged to cost of goods sold totaled $5.3 million and $5.1 million during the three months ended March 31, 2022 and 2021, respectively. In addition, there were no related step-up charges during the three months ended March 31, 2022 and $8.7 million related step-up charges during the three months ended March 31, 2021. During the three months ended March 31, 2022, the Company recorded a $3.2 million reduction to the excess purchase commitment liability related to Auryxia inventory previously identified as excess, reflecting Auryxia inventory that was received during the period.

If future sales of Auryxia are lower than expected, the Company may be required to write-down the value of such inventories. Inventory write-downs and losses on purchase commitments are recorded as a component of cost of goods sold in the unaudited condensed consolidated statement of operations.