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Inventories
9 Months Ended
Sep. 30, 2021
Inventory Disclosure [Abstract]  
Inventories Inventories
Costs included in inventories are raw materials, labor, supplies and allocable depreciation and overhead. Raw material inventories are valued on an average cost basis. Other inventory cost elements are valued at cost, using the first-in, first-out method. The Company writes down the inventories for estimated obsolescence, and to lower of cost or net realizable value based upon assumptions about future demand and market conditions. If actual demand or market conditions are less favorable than those projected by the Company, additional inventory write-downs may be required. Once established, the original cost of the inventory less the related write-down represents the new cost basis of such inventories.
As of September 30, 2021 and December 31, 2020, Inventories consisted of the following:
(in thousands)
September 30, 2021December 31, 2020
Raw materials$57,534 $57,789 
Work in process
44,715 40,416 
Finished goods15,880 12,273 
Total inventories
$118,129 $110,478