Inventories

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories are valued at the lower of cost or net realizable value. Cost is determined by the first-in, first-out (“FIFO”) method. We establish an allowance for excess and obsolete inventories based on product line changes, the feasibility of substituting parts and the need for supply and replacement parts.

The components of inventories and related changes in the allowance for excess and obsolete inventories account are as follows:

	June 30, 2024		December 31, 2023
	(in thousands)
Raw materials	$	181,403	$	211,259
Work in process	5,190		5,523
Finished goods	3,196		2,910
Total, gross	189,789		219,692
Less:  Allowance for excess and obsolete inventories	(6,801)		(6,160)
Total, net	$	182,988	$	213,532

	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Allowance for excess and obsolete inventories:	(in thousands)
Balance, beginning of period	$	6,741	$	4,748	$	6,160	$	4,527
Provision for (recoveries of) excess and	968		794		1,928		1,458
obsolete inventories
Inventories written off	(908)		(261)		(1,287)		(704)
Balance, end of period	$	6,801	$	5,281	$	6,801	$	5,281