INVENTORIES

3 Months Ended

Mar. 31, 2025

INVENTORY

INVENTORY

2.          INVENTORIES

Inventory costs include materials, labor, and factory overhead. Inventories are stated at the lower of cost or net realizable value, primarily determined on a moving average unit cost basis. Appropriate consideration is given to obsolescence, valuation, and other factors in determining net realizable value. Revisions of these estimates could result in the need for adjustments.

Inventories, net of reserves, consisted of the following:

	March 31,		December 31,
(in thousands)	2025		2024
Chassis	$	26,466	$	36,930
Raw materials		69,319		77,358
Work in process		44,871		48,251
Finished goods		24,240		23,630
TOTAL INVENTORY	$	164,897	$	186,169

For the three months ended March 31, 2025 and 2024, the Company did not recognize impairment of inventory.

As of March 31, 2025 and December 31, 2024, the Company’s balances are presented net of inventory reserves of $6.1  million and $5.2 million, respectively.