INVENTORIES

Inventories, net, consisted of the following:



	First Quarter of		Fiscal Year End
As of	2014		2013
(Dollars in thousands)
Raw materials	$	93,084	$	94,988
Work-in-process	7,444		6,871
Finished goods	166,172		152,452
Total inventories, net	$	266,700	$	254,311

Deferred costs of sales for the short-term deferral of hardware and related product revenues are included within finished goods and were $12.2 million as of the first quarter of fiscal 2014 and $12.6 million as of fiscal year end 2013.