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INVENTORIES
 12 Months Ended
Dec. 31, 2020
INVENTORIES  
INVENTORIES

NOTE 7—INVENTORIES

Inventories, which are comprised of chemicals and materials available for resale and parts and consumables used in operations, are valued at the lower of cost and net realizable value, with cost determined under the weighted-average method. The significant components of inventory are as follows:

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As of December 31,

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2020

 

2019

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(in thousands)

Raw materials

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$

16,701

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$

12,365

Finished goods

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16,683

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24,724

Materials and supplies

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—

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453

Total

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$

33,384

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$

37,542

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During the years ended December 31, 2020 and 2019, the Company recorded charges to the reserve for excess and obsolete inventory for $0.9 million and $0.3 million, respectively, which were recognized within costs of revenue on the accompanying consolidated statements of operations. The Company’s inventory reserve was $4.1 million as of both December 31, 2020 and 2019. The reserve for excess and obsolete inventories is determined based on the Company’s historical usage of inventory on hand, as well as future expectations, and the amount necessary to reduce the cost of the inventory to its estimated net realizable value.