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Inventory | 3 Months Ended
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Mar. 31, 2024
Inventory [Abstract] |
Inventory | Note 6 — Inventory Inventories are stated at the lower of cost or net realizable value, with cost principally determined by the weighted-average cost method on a first-in, first-out basis. Such costs include the acquisition cost for raw materials and operating supplies. The Company’s standard payment terms with suppliers may require making payments in advance of delivery of the Company’s products. The Company’s prepaid inventory is applied to the purchase of products once they are delivered. Inventory consisted of the following as of March 31, 2024 and December 31, 2023:
(In thousands) |  | March 31, 2024 |  |  | December 31, 2023 |
Raw materials |  | $ | 22,392 |  |  | $ | 23,449 |
Prepaid inventory |  |  | 816 |  |  |  | 924 |
Finished goods |  |  | 8,062 |  |  |  | 7,438 |
Inventory for resale |  |  | 4,776 |  |  |  | 4,882 |
Inventory, gross |  |  | 36,046 |  |  |  | 36,693 |
Inventory reserves |  |  | (17,184 | ) |  |  | (17,599 | )
Total inventory, net |  | $ | 18,862 |  |  | $ | 19,094 |
Inventory Reserves The Company establishes an inventory reserve for obsolete, slow moving, and defective inventory. The Company calculates inventory reserves for obsolete, slow moving, or defective items as the difference between the cost of inventory and its estimated net realizable value. The reserves are based upon management’s expected method of disposition. Changes in the Company’s inventory reserve are as follows:
(In thousands) |  | Three months ended March 31, 2024 |  |  | Year ended December 31, 2023 |
Inventory reserves – beginning of period |  | $ | 17,599 |  |  | $ | 32,422 |
(Decrease) increase in inventory reserves |  |  | (415 | ) |  |  | (14,823 | )
Inventory reserves – end of period |  | $ | 17,184 |  |  | $ | 17,599 |

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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 -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/330/tableOfContent + Details
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