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OTHER LONG TERM ASSETS
 12 Months Ended
Dec. 31, 2024
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:

 

   2024   2023 
   (in thousands) 
Inventories - net  $2,503   $2,620 
Cash surrender value of life insurance policies   1,108    1,681 
Other   123    139 
Other Long Term Assets  $3,734   $4,440 

 

The Company maintains inventories, net of reserves of $1,000,000 as of December 31, 2024 and 2023, which is 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. During 2024, the insured for one of the policies became deceased which allowed for proceeds to be received from a claim upon the policy of $739,000.