Inventories

12 Months Ended

Dec. 31, 2022

Inventories

Inventories

Note 11. Inventories

Inventories consist of the following:

	December 31,
	2022		2021
	(in thousands)
Raw materials and supplies	$	47,607	$	41,853
Work in process		37,090		33,298
Finished goods		18,887		17,656
Total inventories	$	103,584	$	92,807

Charges of $17.2 million, $24.6 million, and $13.9 million were included in the cost of revenues in the Company’s consolidated statements of operations for the years ended December 31, 2022, 2021, and 2020, respectively, to adjust the Company’s inventory and related firm purchase commitments to their net realizable value. For the year ended December 31, 2022, the charge included $14.9 million in the cost of revenues to adjust the Company’s enoxaparin inventory and related firm purchase commitments to their net realizable value. For the year ended December 31, 2021, the charge included $20.7 million as a result of an increase in the price of heparin as well as a decrease in the forecasted average selling price of enoxaparin. For the year ended December 31, 2020, the charge included $9.4 million as a result of an increase in the price of heparin as well as a decrease in the forecasted average selling price of enoxaparin.

Losses on firm purchase commitments related to raw materials on order as of December 31, 2022 and 2021 were $2.7 million and $7.1 million, respectively, which are recorded in cost of revenues in the Company’s consolidated statement of operations.