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Inventories, net | 12 Months Ended
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Dec. 31, 2017
Inventory Disclosure [Abstract] |
Inventories, net | Inventories, net Inventories at December 31, 2017 and 2016 were as follows (in thousands):
| December 31,
| 2017 |  | 2016
Pipe and connectors, net of allowance of $20,064 and $2,108, respectively | $ | 33,620 |  |  | $ | 102,360 |
Finished goods, net of allowance of $1,520 and $2,518, respectively | 14,541 |  |  | 14,257 |
Work in progress | 9,206 |  |  | 7,099 |
Raw materials, components and supplies | 19,053 |  |  | 15,363 |
Total inventories, net | $ | 76,420 |  |  | $ | 139,079 |
Inventories are required to be stated at the lower of cost or net realizable value. During 2017, we recorded charges of $51.2 million to the financial statement line item severance and other charges related to a net realizable value adjustment, which impacted our Tubular Sales segment. The factors that led to these charges included new technology (external and internal), oil and gas prices below levels necessary for our customers to sanction a significant amount of new offshore projects in the near-term and a change in customers' preferences for newer technologies which significantly impacted the net realizable value of our connectors inventory during 2017. Please see Note 19 - Severance and other charges for further discussion.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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