NOTE 8. INVENTORIES

Inventories consist of the following at March 31, 2016 and December 31, 2015 (in thousands):



	March 31, 2016		December 31, 2015
Raw materials (1)	$	206,404	$	210,038
Work-in-process (1)	134,017		177,821
Finished goods (1)	330,033		364,634
Total	$	670,454	$	752,493

(1) The components of inventory shown in the table above are net of allowance for obsolescence.

Inventory that is in excess of the amount expected to be sold within one year, which relates primarily to XIAFLEX^® inventory, is classified as long-term inventory and is not included in the table above. At March 31, 2016 and December 31, 2015, $26.5 million and $24.9 million, respectively, of long-term inventory was included in Other assets in the Condensed Consolidated Balance Sheets.