Inventories

3 Months Ended

Mar. 31, 2024

Inventories

Inventories

(2) Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined by using the first-in, first-out method. The following table details the major components of inventories (in thousands):

	March 31,		December 31,
	2024		2023
Raw materials	$	36,518	$	37,770
Work in process		17,756		17,462
Finished goods		20,726		27,075
Total inventories	$	75,000	$	82,307

The decrease in inventories is partially due to a $2.3 million one-time inventory write-off at one of our subsidiaries attributable to a correction of a prior-year immaterial error related to our 2023 10-K.