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OTHER LONG TERM ASSETS
 12 Months Ended
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
OTHER LONG TERM ASSETS

5. OTHER LONG TERM ASSETS

 

Other long term assets were as follows as of December 31:

   2023   2022 
   (in thousands) 
Inventories  $2,620   $4,261 
Cash surrender value of life insurance policies   1,681    1,546 
Other   139    64 
Other Long Term Assets  $4,440   $5,871 

 

The Company maintains inventories, net of reserves of $1,000,000 and $0 as of December 31, 2023 and 2022, respectively, which are estimated to be used beyond the next twelve months, mainly for the corrugated medical tubing (“CMT”) products. Higher amounts of materials for the CMT products were initially purchased for cost considerations and because of longer required lead times.

 

The Company has obtained and is the beneficiary of life insurance policies with respect to past employees.