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INVENTORIES

6 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

INVENTORIES

9. INVENTORIES

The components of inventories are summarized below:

		June 30,				December 31,
		2020				2019
Raw materials		$	2,392			$	2,309
Work in process			1,986				2,628
Finished goods			—				46
Provision for excess and obsolete inventory			(1,060	)			(429	)
Total inventories		$	3,318			$	4,554

Inventories are stated at the lower of cost or a net realizable value determined on a FIFO method. A negative net realizable value adjustment of $349 was recognized in cost of goods sold of the T&D Solutions segment during the six months ended June 30, 2020. Additionally, a $546 write down of inventory was recognized in cost of goods sold of the T&D Solutions segment during the three months ended June 30, 2020, as a result of management’s strategic decisions to rationalize its traditional product offerings and focus on higher margin equipment sales.

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- References

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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

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