Inventory is stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. Inventory consists of the following:


	September 30,		December 31,
(In thousands)	2025		2024
Raw materials	$	66,225	$	72,139
Work in process		89,413		79,871
Finished goods(1)		35,359		30,877
Total inventory	$	190,997	$	182,887

(1)

At September 30, 2025 and December 31, 2024, the Company had $29.3 million and $22.7 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.