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Inventories

3 Months Ended

Mar. 31, 2020

Inventories are valued at the lower of cost or net realizable value. Cost is determined by the first-in, first-out (“FIFO”) method. We establish an allowance for excess and obsolete inventories based on product line changes, the feasibility of substituting parts and the need for supply and replacement parts.

The components of inventories and related changes in the allowance for excess and obsolete inventories account are as follows:


	March 31, 2020		December 31, 2019
	(in thousands)
Raw materials	$	67,815	$	68,842
Work in process	2,055		1,825
Finished goods	5,350		5,578
Total, gross	75,220		76,245
Less: Allowance for excess and obsolete inventories	(2,365)		(2,644)
Total, net	$	72,855	$	73,601


	Three months ended
	March 31, 2020		March 31, 2019
Allowance for excess and obsolete inventories:	(in thousands)
Balance, beginning of period	$	2,644	$	1,210
Provisions for excess and obsolete inventories	(274)		357
Inventories written off	(5)		—
Balance, end of period	$	2,365	$	1,567