Inventory

Inventory at December 31, 2017 and March 31, 2017 consisted of the following (in thousands):



	December 31, 2017		March 31, 2017
Raw materials	$	5,544	$	4,263
Work-in-process	1,626		426
Finished goods	7,931		8,016
Deferred program costs	2,028		4,757
Net inventory	$	17,129	$	17,462

The Company recorded inventory write-downs of $0.1 million and $0.4 million for the three and nine months ended December 31, 2017. The Company recorded inventory write-downs of $0.4 million and $1.1 million for the three and nine months ended December 31, 2016. These write downs were based on evaluating its inventory on hand for excess quantities and obsolescence.

Deferred program costs as of December 31, 2017 and March 31, 2017 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.