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Inventory | 3 Months Ended
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Mar. 31, 2024
Inventory Disclosure [Abstract] |
Inventory | 6. INVENTORY Inventory consisted of the following:
|  | As of |  |  | As of |
(In thousands) |  | March 31, 2024 |  |  | December 31, 2023 |
Raw materials |  | $ | 130,977 |  |  | $ | 152,140 |
Work in process |  |  | 14,856 |  |  |  | 17,239 |
Finished goods |  |  | 176,314 |  |  |  | 192,916 |
Total inventory, net |  | $ | 322,147 |  |  | $ | 362,295 |
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. During the three months ended March 31, 2024, we incurred total charges of $8.8 million as a result of a strategy shift which included discontinuance of certain product lines in connection with the Business Efficiency Program, of which, $4.0 million relates to inventory write-downs and $4.8 million relates to other charges, and are included in cost of revenue in the Condensed Consolidated Statements of Loss. There were no write-downs of inventory during the three months ended March 31, 2023.

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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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