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Inventories | 9 Months Ended
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Sep. 30, 2024
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories consist of the following:
| September 30, 2024 |  | December 31, 2023
| (in thousands)
Raw materials | $ | 6,596 |  |  | $ | 9,116 |
Semi-finished goods | 1,551 |  |  | 1,343 |
Finished goods | 63,491 |  |  | 61,419 |
Subtotal | 71,638 |  |  | 71,878 |
Less: inventory reserve | (720) |  |  | (350) |
Total inventories | $ | 70,918 |  |  | $ | 71,528 |
The Company incurred inventory adjustments and write-offs of $694,000 and $1,145,000 for the three and nine months ended September 30, 2024, respectively. Similarly, the Company incurred inventory adjustments and write-offs of $281,000 and $3,225,000 for the three and nine months ended September 30, 2023, respectively. Included within the amount for the nine months ended September 30, 2023 was a $1,700,000 write-off of raw materials, as the Company disposed of certain machinery and equipment in executing the strategy to scale back production in certain locations. Inventory adjustments and write-offs are included in cost of goods sold on the accompanying condensed consolidated statements of income. See Note 12 — Impairment Expense and (Gain) Loss, Net, on Disposal of Machinery for further discussion about the disposal of machinery.

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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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