Inventory

12 Months Ended

Dec. 31, 2024

Inventory

Inventory

7. Inventory

Inventory as of December 31, 2024 and 2023, consisted of the following (in thousands):

	December 31,		December 31,
	2024		2023
Raw materials and supplies - production locations	$	385,455	$	564,818
Raw materials and supplies - customer locations		28,983		20,751
Work-in-process		129,824		149,574
Finished goods		138,380		226,110
Inventory	$	682,642	$	961,253

Inventory is primarily comprised of raw materials, work-in-process, and finished goods. The decrease in inventory is primarily due to consumption and reduced raw material purchases. In addition, the Company has recorded reductions to inventory which comprised of excess and obsolete items and related lower of cost or net realizable value adjustments of $158.9 million and $85.2 million as of December 31, 2024 and 2023, respectively.