(3) Inventories

Components of inventories as of September 30, 2017 and December 31, 2016 were as follows:



(in thousands)	2017		2016
Raw materials	$	39,402	$	38,383
Work in process		3,822		3,109
Finished goods and parts		57,354		61,839
Inventories	$	100,578	$	103,331

During the quarter ended September 30, 2017 the Company recorded inventory adjustments totaling $12.9 million resulting from its lower of cost or market analysis. The charge was effected because of ongoing efforts to focus and prioritize the Company’s portfolio based on year-to-date demand, market trends and a better understanding of where the Company’s offerings meet and will continue to meet customers’ needs and demand. The inventory adjustments related primarily to legacy plastics printers, refurbished and used metals printers and parts which have shown little to no use over extended periods.