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INVENTORIES | 9 Months Ended
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Sep. 30, 2022
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES Inventories consist principally of raw materials, non-food finished goods and packaged meal replacements held in the Company’s warehouses and outsourced distribution centers. Inventories are stated at the lower of cost or net realizable value, utilizing the first-in, first-out method. The cost of finished goods includes the cost of raw materials, packaging supplies, direct and indirect labor and other indirect manufacturing costs. On a quarterly basis, management reviews inventories for unsalable or obsolete inventories. The Company donated inventory with an aggregate cost of $1.1 million and $10.5 million to Ukrainian refugees and those in need in Ukraine, increasing selling, general and administrative (“SG&A”) expenses during the three and nine months ended September 30, 2022. The donations were made to two 501(c)(3) organizations that are coordinating the distribution throughout refugee camps in Europe and in Ukraine. Inventories consisted of the following (in thousands):
| September 30, 2022 |  | December 31, 2021
Raw materials | $ | 11,989 |  | $ | 15,196
Packaging | 3,078 |  | 3,641
Non-food finished goods | 10,455 |  | 15,991
Finished goods | 122,227 |  | 152,687
Reserve for obsolete inventory | (2,470) |  |  | (7,472) |
Total | $ | 145,279 |  | $ | 180,043

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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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