Inventories

Inventories as of September 30, 2018 and December 31, 2017 were as follows:



In thousands	September 30, 2018		December 31, 2017
Raw materials	$	41,182	$	28,672
Work in process	21,630		29,427
Finished goods	29,067		23,901
	91,879		82,000
Less: Progress billings	—		(1,661		)
Total inventories	$	91,879	$	80,339

Included in work in process is gross tooling inventory of $5.2 million and $20.2 million at September 30, 2018 and December 31, 2017, respectively. Tooling inventory, net of progress billings, was $18.5 million at December 31, 2017. Effective January 1, 2018 the Company adopted ASC 606, Revenue from Contracts from Customers, under the modified retrospective transition method. The adoption of ASC 606 resulted in the reclassification of progress billings to contract liabilities. See Note 2, Revenue from Contracts with Customers, for further discussion of contract liabilities.