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Inventories | 6 Months Ended
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Jun. 30, 2023
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:
| June 30, 2023 |  | December 31, 2022
| (in thousands)
Raw materials | $ | 210,937 |  |  | $ | 194,159 |
Work in process | 4,087 |  |  | 3,501 |
Finished goods | 5,665 |  |  | 5,806 |
Total, gross | 220,689 |  |  | 203,466 |
Less: Allowance for excess and obsolete inventories | (5,281) |  |  | (4,527) |
Total, net | $ | 215,408 |  |  | $ | 198,939 |
| Three Months Ended |  | Six Months Ended
| June 30, 2023 |  | June 30, 2022 |  | June 30, 2023 |  | June 30, 2022
Allowance for excess and obsolete inventories: | (in thousands)
Balance, beginning of period | $ | 4,748 |  |  | $ | 2,007 |  |  | $ | 4,527 |  |  | $ | 1,787 |
Provision for (recoveries of) excess and | 794 |  |  | (72) |  |  | 1,458 |  |  | 148 |
obsolete inventories |  |  |  |  |  |  |
Inventories written off | (261) |  |  | (64) |  |  | (704) |  |  | (64) |
Balance, end of period | $ | 5,281 |  |  | $ | 1,871 |  |  | $ | 5,281 |  |  | $ | 1,871 |

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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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