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Inventories, net
 12 Months Ended
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.