Inventories

12 Months Ended

Dec. 31, 2020

INVENTORIES

Inventories are stated at the lower of cost (first-in, first-out) or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. We write down the carrying value of inventory for estimated obsolescence by an amount equal to the difference between the cost of inventory and the estimated market value when warranted based on assumptions of future demand, market conditions, remaining shelf life, or product functionality. If actual market conditions or results of estimated functionality are less favorable than those we estimated, additional inventory write-downs may be required, which would have a negative effect on results of operations.

Unpaid inventory reflected within accounts payable in our consolidated balance sheets was $45.6 million, $39.5 million, and $41.3 million at December 31, 2020, 2019 and 2018, respectively.

The components of inventories are as follows:


(in thousands)	December 31, 2020		December 31, 2019

Raw materials	$	45,986	$	41,202
Work-in-process	20,374		20,077
Finished goods	143,513		133,740
Inventories	$	209,873	$	195,019