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INVENTORIES | 12 Months Ended
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Dec. 31, 2023
Inventory, Net [Abstract] |
INVENTORIES | INVENTORIES Inventories are stated at the lower of cost (first-in, first-out) or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. We write down the carrying value of inventory for estimated obsolescence by an amount equal to the difference between the cost of inventory and the estimated market value when warranted based on assumptions of future demand, market conditions, remaining shelf life, or product functionality. If actual market conditions or results of estimated functionality are less favorable than those we estimated, additional inventory write-downs may be required, which would have a negative effect on results of operations. Unpaid inventory reflected within accounts payable in our consolidated balance sheets was $58.9 million, $59.4 million, and $64.4 million at December 31, 2023, 2022, and 2021, respectively. Instrument inventory transferred to property and equipment related to rental and operating-type reagent rental programs was $14.6 million, $17.4 million, $11.6 million during the years ended December 31, 2023, 2022, and 2021, respectively. The components of inventories are as follows:
(in thousands) |  | December 31, 2023 |  | December 31, 2022
Raw materials |  | $ | 106,392 |  |  | $ | 92,796 |
Work-in-process |  | 28,989 |  |  | 28,041 |
Finished goods |  | 244,901 |  |  | 246,986 |
Inventories |  | $ | 380,282 |  |  | $ | 367,823 |

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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/disclosureRef -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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