Inventories

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventories

6.  Inventories

As at September 30, 2020 and December 31, 2019, inventories consist of the following:

	September 30,		December 31,
	2020		2019
Raw materials	$	34,181	$	26,538
Work-in-process		4,044		4,608
Finished goods		14,796		11,843
	$	53,021	$	42,989

When compared to December 31, 2019, inventories increased by $10.0 million due to delays in manufacturing, shipments and installation of IMAX Theater Systems at customer sites due to the COVID-19 global pandemic.

At September 30, 2020, inventories include finished goods of $4.8 million (December 31, 2019 — $0.7 million) for which title had passed to the customer, but the criteria for revenue recognition were not met as of the balance sheet date.

During the three and nine months ended September 30, 2020, the Company recognized write-downs of $0.6 million and $0.7 million, respectively, for excess and obsolete inventory based on current estimates of net realizable value. There were no write-downs recorded during the three and nine months ended September 30, 2019.