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Inventories

3 Months Ended

Mar. 31, 2022

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, 2022		December 31, 2021
	(in thousands)
Raw materials	$	140,424	$	124,480
Work in process	3,003		3,049
Finished goods	4,671		4,528
Total, gross	148,098		132,057
Less: Allowance for excess and obsolete inventories	(2,007)		(1,787)
Total, net	$	146,091	$	130,270


	Three Months Ended
		March 31, 2022		March 31, 2021
Allowance for excess and obsolete inventories:		(in thousands)
Balance, beginning of period		$	1,787	$	3,261
Provision for (recovery of) excess and		220		(194)
obsolete inventories
Inventories written off		—		(763)
Balance, end of period		$	2,007	$	2,304