6. Inventory

Inventory at March 31, 2012 and 2011 consisted of the following (in thousands):


		March 31,
		2012		2011
Raw materials	$	9,962	$	17,100
Work-in-progress		2,390		2,881
Finished goods		14,438		3,466
Deferred program costs		2,466		2,381
Inventory	$	29,256	$	25,828

For the year ended March 31, 2012, the Company recorded an inventory write-down of approximately $4.4 million based on evaluating its ending inventory on hand for excess quantities and obsolescence. For the year ended March 31, 2011, the Company recorded an inventory write-down of approximately $63.9 million based on its evaluation of forecasted demand in relation to the inventory on hand and market conditions surrounding its products as a result of the assumption that Sinovel and certain other customers in China will fail to meet their contractual obligations under existing supply agreements and demand that was previously forecasted will fail to materialize.

Deferred program costs as of March 31, 2012 and 2011 primarily represent costs incurred on D-VAR turnkey projects and programs accounted for under contract accounting where revenue and costs will be recognized when the Company completes the development programs.