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Inventories | 9 Months Ended
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Sep. 30, 2022
Inventory Disclosure [Abstract] |
Inventories | Inventories 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:
| September 30, 2022 |  | December 31, 2021
| (in thousands)
Raw materials | $ | 171,230 |  |  | $ | 124,480 |
Work in process | 2,739 |  |  | 3,049 |
Finished goods | 5,984 |  |  | 4,528 |
Total, gross | 179,953 |  |  | 132,057 |
Less: Allowance for excess and obsolete inventories | (3,065) |  |  | (1,787) |
Total, net | $ | 176,888 |  |  | $ | 130,270 |
| Three Months Ended |  | Nine Months Ended
| September 30, 2022 |  | September 30, 2021 |  | September 30, 2022 |  | September 30, 2021
Allowance for excess and obsolete inventories: | (in thousands)
Balance, beginning of period | $ | 1,871 |  |  | $ | 2,726 |  |  | $ | 1,787 |  |  | $ | 3,261 |
Provision for (recovery of) excess and | 1,232 |  |  | 86 |  |  | 1,380 |  |  | 378 |
obsolete inventories |  |  |  |  |  |  |
Inventories written off | (38) |  |  | (520) |  |  | (102) |  |  | (1,347) |
Balance, end of period | $ | 3,065 |  |  | $ | 2,292 |  |  | $ | 3,065 |  |  | $ | 2,292 |
During the third quarter of 2022, management made the decision to no longer produce our small packaged geothermal/water-source heat pump units consisting of the WH Series horizontal configuration and WV Series vertical configuration (see Note 1). Management has identified some related components and parts that cannot be used in other production or sold through our parts business; therefore, we have increased our provision for excess and obsolete inventory, within cost of sales on our consolidated statements of income, by approximately $1.0 million during the three and nine months ended September 30, 2022.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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