Inventories consist of raw materials, work in process and finished goods. Raw materials, which principally consist of hops, flavorings, apple juice, other brewing materials and packaging, are stated at the lower of cost, determined on the first-in, first-out basis, or net realizable value. The Company’s goal is to maintain on hand a supply of at least one year for essential hop varieties, in order to limit the risk of an unexpected reduction in supply. Inventories are generally classified as current assets. The Company classifies hops inventory in excess of two years of forecasted usage in other long-term assets. The cost elements of work in process and finished goods inventory consist of raw materials, direct labor and manufacturing overhead. Inventories consist of the following:


	September 25, 2021		December 26, 2020
	(in thousands)
Current inventory:
Raw materials	$	84,500	$	69,272
Work in process		20,021		16,846
Finished goods		91,934		44,792
Total current inventory		196,455		130,910
Long term inventory		15,198		9,639
Total inventory	$	211,653	$	140,549

As of September 25, 2021 and December 26, 2020, the Company has recorded inventory obsolescence reserves of $53.7 million and $6.3 million, respectively. The increase in inventory obsolescence was related to hard seltzer inventory that the Company believes will expire, not be used or otherwise offer no net realizable value to the Company based on its current volume and production forecasts. Refer to Note B of these condensed consolidated financial statements for further details.