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INVENTORIES
12 Months Ended
Dec. 31, 2019
Inventory Disclosure [Abstract]  
INVENTORIES

8. INVENTORIES

 

The components of inventories are summarized below:

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

Raw materials

 

$

2,309

 

 

$

2,049

 

Work in process

 

 

2,628

 

 

 

1,949

 

Finished goods

 

 

46

 

 

 

46

 

Provision for excess and obsolete inventory

 

 

(429

)

 

 

(366

)

Total inventories

 

$

4,554

 

 

$

3,678

 

 

Inventories are stated at the lower of cost or a net realizable value determined on a FIFO method. Included in work in process at December 31, 2019 and December 31, 2018 are goods in transit of approximately $0 and $120, respectively. Also included in work in process at December 31, 2019 and December 31, 2018 is a net realizable value reserve of approximately $418 and $0, respectively. The net realizable value adjustment of $418 was recognized through cost of goods sold of the T&D Solutions segment during the year ended December 31, 2019.