Inventory

Inventory at September 30, 2016 and March 31, 2016 consisted of the following (in thousands):



	September 30, 2016		March 31, 2016
Raw materials	$	11,233	$	9,665
Work-in-process	2,349		3,411
Finished goods	6,429		3,215
Deferred program costs	6,437		2,221
Net inventory	$	26,448	$	18,512

The Company recorded inventory write-downs of $0.4 million and $0.2 million for each of the three months ended September 30, 2016 and 2015, respectively. The Company recorded inventory write-downs of $0.7 million and $0.8 million for each of the six months ended September 30, 2016, and 2015, respectively. These write downs were based on evaluating its inventory on hand for excess quantities and obsolescence.

Deferred program costs as of September 30, 2016 and March 31, 2016 primarily represent costs incurred on programs accounted for under contract accounting where the Company needs to complete development milestones before revenue and costs will be recognized.