Inventories

6 Months Ended

Jun. 30, 2023

Inventories consist of the following:


	June 30, 2023		December 31, 2022
	(in thousands)
Raw materials	$	12,973	$	18,061
Semi-finished goods	1,528		1,850
Finished goods	62,135		52,044
Subtotal	76,636		71,955
Less inventory reserve	(341)		(749)
Total inventories	$	76,295	$	71,206

The Company incurred inventory adjustments and write-off of $2,729,000 and $2,944,000 for the three and six months ended June 30, 2023, respectively. Included within the amount for both the three and six months ended June 30, 2023, was a $1,700,000 write-off of raw materials, as the Company disposed of certain machinery and equipment in executing the strategy to scale back production in certain locations. Inventory adjustments and write-offs are included in cost of goods sold on the accompanying condensed consolidated statements of income. See Note 14 — Impairment Expense and Loss on Disposal of Machinery for further discussion about the disposal of machinery.