8. INVENTORY

At March 31, 2017 and December 31, 2016, inventory consisted of the following:

	March 31,		December 31,
(In thousands)	2017		2016
Raw materials	$	43,197	$	40,461
Work in process		3,277		4,003
Finished goods		66,300		60,653
Total	$	112,774	$	105,117

We establish reserves for estimated excess, obsolete, or unmarketable inventory equal to the difference between the cost of the inventory and the estimated fair value of the inventory based upon assumptions about future demand and market conditions. At March 31, 2017 and December 31, 2016, raw materials reserves totaled $14.5 million and $14.6 million, respectively, and finished goods inventory reserves totaled $11.6 million and $10.6 million, respectively.