INVENTORY

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

INVENTORY

7. INVENTORY

The following table summarizes the components of the Company’s inventory for each of the periods indicated:

	As of March 31, 2024		As of December 31, 2023
	(in thousands)
Raw materials	$	150,011	$	133,963
Work in progress		391,558		318,458
Finished goods		39,503		61,806
Total inventory	$	581,072	$	514,227

No material inventory reserves existed as of March 31, 2024 or December 31, 2023. The Company classifies inventory associated with its PMO Products as non-current inventory when consumption of the inventory is expected beyond the Company's normal PMO Product inventory operating cycle of two years. Non-current inventory consists of raw materials and work in progress associated with the PMO Products.

The following table summarizes the balance sheet classification of the Company's inventory for each of the periods indicated:

	As of March 31, 2024		As of December 31, 2023
	(in thousands)
Balance sheet classification
Inventory	$	373,530	$	322,859
Non-current inventory		207,542		191,368
Total inventory	$	581,072	$	514,227