Note 5 Inventories

Components of inventories, net, at December 31, 2018 and 2017 are as follows:



(in thousands)	2018		2017
Raw materials	$	49,624	$	37,660
Work in process	2,969		3,906
Finished goods and parts	80,568		62,337
Inventories, net	$	133,161	$	103,903

During the year ended December 31, 2018, inventory levels increased in support of new product launches and manufacturing ramp for those products, including certain parts which have long lead times. Additionally, during the year ended December 31, 2017, the Company recorded inventory adjustments totaling $12.9 million resulting from its lower of cost or net realizable value analysis. The charge was effected because of ongoing efforts to focus and prioritize the Company’s portfolio based on year-to-date demand, market trends and a better understanding of where the Company’s offerings meet and will continue to meet customers’ needs and demand. The inventory adjustments related primarily to legacy plastics printers, refurbished and used metals printers and parts which have shown little to no use over extended periods.

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