Inventories

Inventories are as follows (in thousands):



	December 31,
	2015		2014
Raw materials	$	44,997	$	50,195
Work-in-process	3,069		3,129
Finished goods	37,426		32,634
Inventories, net	$	85,492	$	85,958

Changes in the reserve for excess and obsolete inventory are as follows (in thousands):



	Year ended December 31,
	2015		2014			2013
Balance, beginning of year	$	—	$	2,744		$	2,752
Charged to costs and expenses	—		358			1,330
Deductions	—		(3,102		)	(1,338		)
Balance, end of the year	$	—	$	—		$	2,744

During the year ended December 31, 2015, the Company recorded an $18.6 million write-down of inventory to recognize the impairment from refocusing the Drilling Technologies and Production Technologies segments and for all items identified as excess and obsolete inventory. At December 31, 2014, the Company recorded a $2.0 million write-down of inventory to recognize impairment of all items identified and included in the reserve for excess and obsolete inventory.