Inventories

9 Months Ended

Sep. 30, 2023

Inventories consist of the following:


	September 30, 2023		December 31, 2022
	(in thousands)
Raw materials	$	9,427	$	18,061
Semi-finished goods	2,413		1,850
Finished goods	60,539		52,044
Subtotal	72,379		71,955
Less inventory reserve	(722)		(749)
Total inventories	$	71,657	$	71,206

The Company incurred inventory adjustments and write-off of $281,000 and $3,225,000 for the three and nine months ended September 30, 2023, respectively. There were no inventory adjustments and write-offs for the three and nine months ended September 30, 2022. Included within the amount for the nine months ended September 30, 2023, was a $1,710,000 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 (Gain) Loss, Net, on Disposal of Machinery for further discussion about the disposal of machinery.