Inventories

9 Months Ended

Sep. 30, 2024

Inventories consist of the following:


	September 30, 2024		December 31, 2023
	(in thousands)
Raw materials	$	6,596	$	9,116
Semi-finished goods	1,551		1,343
Finished goods	63,491		61,419
Subtotal	71,638		71,878
Less: inventory reserve	(720)		(350)
Total inventories	$	70,918	$	71,528

The Company incurred inventory adjustments and write-offs of $694,000 and $1,145,000 for the three and nine months ended September 30, 2024, respectively. Similarly, the Company incurred inventory adjustments and write-offs of $281,000 and $3,225,000 for the three and nine months ended September 30, 2023, respectively. Included within the amount for the nine months ended September 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 (Gain) Loss, Net, on Disposal of Machinery for further discussion about the disposal of machinery.