Inventories

6 Months Ended

Jun. 30, 2024

Inventories

Inventories

(3) 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):

	June 30,		December 31,
	2024		2023
Raw materials	$	34,393	$	37,770
Work in process		15,245		17,462
Finished goods		18,003		27,075
Total inventories	$	67,641	$	82,307

The decrease in inventories is partially due to a $2.3 million one-time inventory write-off at one of our subsidiaries, during the first quarter of 2024, attributable to a correction of a prior-year immaterial error related to our 2023 10-K.