Inventories

6 Months Ended

Jun. 30, 2024

Inventories consist of the following:


	June 30, 2024		December 31, 2023
	(in thousands)
Raw materials	$	7,633	$	9,116
Semi-finished goods	2,663		1,343
Finished goods	70,270		61,419
Subtotal	80,566		71,878
Less: inventory reserve	(725)		(350)
Total inventories	$	79,841	$	71,528

The Company incurred inventory adjustments and write-off of $158,000 and $451,000 for the three and six months ended June 30, 2024, respectively. Similarly, 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 12 — Impairment Expense and Loss on Disposal of Machinery for further discussion about the disposal of machinery.