Note 7 - Inventories

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Inventory Disclosure [Text Block]

Note 7.  Inventories

Inventories, net of inventory write-downs, consist of the following for the periods indicated (in thousands):

	September 30, 2021		December 31, 2020
Raw materials	$	31,157	$	25,555
Work in process and sub-assemblies		42,242		52,544
Finished goods		21,108		32,298
Total inventories	$	94,507	$	110,397

The lower of cost or market adjustment expensed for inventory for the three months ended September 30, 2021 and 2020 was $1.1 million and $0.4 million, respectively. The lower of cost or market adjustment expensed for inventory for the nine months ended September 30, 2021 and 2020 was each $3.3 million. 

For the three months ended September 30, 2021 and 2020, the direct inventory write-offs related to scrap, discontinued products, and damaged inventories were $4.2 million and $8.4 million, respectively. For the nine months ended September 30, 2021 and 2020, the direct inventory write-offs related to scrap, discontinued products, and damaged inventories were $15.0 million and $14.7 million, respectively.