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Inventories

12 Months Ended

Dec. 31, 2023

(6) Inventories

Components of inventories at December 31, 2023 and 2022 are summarized as follows:


(in thousands)	2023		2022
Raw materials	$	59,658	$	59,907
Work in process	4,708		4,972
Finished goods and parts	87,822		72,953
Total inventories	$	152,188	$	137,832

The inventory reserve was $16,156 and $15,550 as of December 31, 2023 and 2022, respectively.

During the year ended December 31, 2023, we notified one of our contract manufacturers of our intent to terminate the existing manufacturing services arrangement and in-source the assembly and production process. The final exit agreement included a $450 exit fee that was expensed during the period. There is an associated commitment to purchase $1,692 of inventory from the assembly manufacturer as of December 31, 2023.

During the year ended December 31, 2022, we notified one of our contract manufacturers of our intent to terminate our existing manufacturing services arrangement and in-source the assembly and production process. The final exit agreement included a $1,670 exit fee that was expensed during the period. Exiting this agreement resulted in the purchase of $23,913 of inventory and $369 of fixed assets from the assembly manufacturer.