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Inventory
6 Months Ended
Jun. 30, 2023
Inventory Disclosure [Abstract]  
Inventory

7. INVENTORY

Inventory consisted of the following:

 

 

 

As of

 

 

As of

 

(In thousands)

 

June 30, 2023

 

 

December 31, 2022

 

Raw materials

 

$

186,262

 

 

$

186,346

 

Work in process

 

 

13,576

 

 

 

12,087

 

Finished goods

 

 

216,964

 

 

 

229,098

 

Total inventory, net

 

$

416,802

 

 

$

427,531

 

Inventory reserves are established for estimated excess and obsolete inventory equal to the difference between the cost of the inventory and the estimated net realizable value of the inventory based on estimated reserve percentages, which considers historical usage, known trends, inventory age and market conditions. As of June 30, 2023 and December 31, 2022, inventory reserves were $79.6 million and $57.0 million, respectively.