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Inventories, net | 12 Months Ended
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Dec. 31, 2023
Inventories, net |
Inventories, net | Note 6. Inventories, net ​ The components of inventories are as follows: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31, | ​
​ |  | 2023 |  | 2022 |
​ | ​ | (in thousands) | ​
Raw materials | ​ | $ | 231,200 | ​ | $ | 187,313 | ​
Work in process | ​ |  | 45,373 | ​ |  | 35,069 | ​
Finished goods (completed systems) | ​ |  | 29,909 | ​ |  | 20,024 | ​
Inventories, net | ​ | $ | 306,482 | ​ | $ | 242,406 | ​
​ When recorded, inventory reserves are intended to reduce the carrying value of inventories to their net realizable value. We establish inventory reserves when conditions exist that indicate inventory may be in excess of anticipated demand or is obsolete based upon assumptions about future demand for our products or market conditions. We regularly evaluate our ability to realize the value of inventories based on a combination of factors including the following: forecasted sales and the size and utilization of our installed base, estimated product end of life dates, estimated current and future market value and new product introductions. Purchasing and usage alternatives are also explored to mitigate inventory exposure. In 2023, we recorded a decrease of $1.5 million in inventory reserves. At December 31, 2023 and 2022, inventories are stated net of inventory reserves of $5.2 million and $6.7 million, respectively. ​ During the years ended December 31, 2023, 2022 and 2021, we recorded charges to cost of sales of $5.2 million, $4.6 million and $3.8 million, respectively, to adjust inventories to their lower of cost or net realizable value. ​ We have inventory on consignment at customer locations at December 31, 2023 and 2022, of $6.5 million and $6.4 million, respectively.

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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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