Inventories

9 Months Ended

Sep. 30, 2024

Costs included in inventories are raw materials, labor, supplies and allocable depreciation and overhead. Raw material inventories are valued on an average cost basis. Other inventory cost elements are valued at cost, using the first-in, first-out method. The Company writes down the inventories for estimated obsolescence and to lower of cost or net realizable value based upon assumptions about future demand and market conditions. If actual demand or market conditions are less favorable than those projected by the Company, additional inventory write-downs may be required. Once established, the original cost of the inventory less the related write-down represents the new cost basis of such inventories.

As of September 30, 2024 and December 31, 2023, Inventories consisted of the following:


(in thousands)	September 30, 2024		December 31, 2023
Raw materials	$	84,257	$	79,611
Work in process	54,772		67,743
Finished goods	21,588		22,213
Total inventories	$	160,617	$	169,567