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Inventories | 12 Months Ended
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Dec. 31, 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 the related changes in the allowance for excess and obsolete inventories are as follows:
| December 31,
| 2023 |  | 2022
| (in thousands)
Raw materials | $ | 211,259 |  |  | $ | 194,159 |
Work in process | 5,523 |  |  | 3,501 |
Finished goods | 2,910 |  |  | 5,806 |
| 219,692 |  |  | 203,466 |
Less: Allowance for excess and obsolete inventories | (6,160) |  |  | (4,527) |
Total, net | $ | 213,532 |  |  | $ | 198,939 |
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Allowance for excess and obsolete inventories: | (in thousands)
Balance, beginning of period | $ | 4,527 |  |  | $ | 1,787 |  |  | $ | 3,261 |
Provisions for excess and obsolete inventories | 5,480 |  |  | 2,852 |  |  | 629 |
Inventories written off | (3,847) |  |  | (112) |  |  | (2,103) |
Balance, end of period | $ | 6,160 |  |  | $ | 4,527 |  |  | $ | 1,787 |
We continuously evaluate our inventory parts and write off inventory when no alternative use can be found. During the third quarter of 2022, we 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. As a result, we have increased our provision for excess and obsolete inventory and written off certain related components and parts that cannot be used in other products or sold through our parts business.

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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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