Inventory

12 Months Ended

Dec. 31, 2023

Inventory

Inventory

7. Inventory

Inventory as of December 31, 2023 and 2022, consists of the following (in thousands):

	December 31,		December 31,
	2023		2022
Raw materials and supplies - production locations	$	564,818	$	450,432
Raw materials and supplies - customer locations		20,751		18,860
Work-in-process		149,574		112,231
Finished goods		226,110		64,113
Inventory	$	961,253	$	645,636

Inventory is primarily comprised of raw materials, work-in-process, and finished goods. The increase in inventory is primarily due to a combination of new product offerings, as well as increased revenue and orders, partially offset by inventory reserves. The Company has inventory reserves made up of excess and obsolete items and related lower of cost or net realizable value adjustments of $85.2 million and $5.4 million as of December 31, 2023 and 2022, respectively.