Inventory

3 Months Ended

Mar. 31, 2025

Inventory

Inventory

4. Inventory

Inventory as of March 31, 2025 and December 31, 2024 consisted of the following (in thousands):

	March 31,		December 31,
	2025		2024
Raw materials and supplies - production locations	$	380,264	$	385,455
Raw materials and supplies - customer locations		28,619		28,983
Work-in-process		123,015		129,824
Finished goods		161,574		138,380
Inventory	$	693,472	$	682,642

Inventory is comprised of raw materials and supplies, work-in-process, and finished goods. The increase in inventory is primarily due to an increase in finished goods related to future sales. 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 $148.0 million and $158.9 million as of March 31, 2025 and December 31, 2024, respectively.