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Inventories | 9 Months Ended
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Sep. 30, 2020
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories are as follows (in thousands):
| September 30, 2020 |  | December 31, 2019
Raw materials | $ | 7,413 |  |  | $ | 4,339 |
Finished goods | 18,451 |  |  | 24,569 |
Inventories | 25,864 |  |  | 28,908 |
Less reserve for excess and obsolete inventory | (11,494 | ) |  | (5,698 | )
Inventories, net | $ | 14,370 |  |  | $ | 23,210 |
The provision recorded in the third quarter of 2020 includes charges of $5.7 million for the Chemistry Technologies segment and $3.9 million for the Data Analytics segment. The increase in excess and obsolescence is attributable to the Company’s product rationalization efforts, which included a reduction in the number of materials carried within the portfolio and identification of those materials for which the Company will no longer actively market or carry quantities in excess of current and estimated future usage requirements. During the third quarter of 2020, the Company completed its review of inventory purchased in the JP3 acquisition. The Company identified measurement period adjustments reducing inventory by $2.3 million. For further discussion of the JP3 acquisition see Note 3, “JP3 Acquisition,” and for measurement period adjustments, see Note 11, “Goodwill.”

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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