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INVENTORIES
9 Months Ended
Sep. 30, 2024
INVENTORIES  
INVENTORY

3.          INVENTORIES

Inventory costs include materials, labor, and factory overhead. Inventories are stated at the lower of cost or net realizable value, primarily determined on a moving average unit cost basis. Appropriate consideration is given to obsolescence, valuation, and other factors in determining net realizable value. Revisions of these estimates could result in the need for adjustments.

Inventories, net of reserves, consisted of the following:

September 30,

December 31,

(in thousands)

    

2024

    

2023

Raw materials

$

79,450

$

89,048

Work in process

 

49,097

 

47,934

Finished goods

 

26,305

 

23,077

Chassis

 

35,493

 

29,748

Total inventory

$

190,345

$

189,807

For the three months ended September 30, 2024 and 2023 and nine months ended September 30, 2024 and 2023, the Company did not recognize impairment of inventory.

For the nine months ended September 30, 2024 and fiscal year ended December 31, 2023, the Company’s balances are presented net of inventory reserves of $8.8 million and $5.6 million, respectively.