INVENTORIES

3 Months Ended

Mar. 31, 2023

Inventories are stated at the lower of cost (first-in, first-out) or net realizable value. Significant cost elements included in inventory are material, labor, freight, subcontract costs, and manufacturing overhead. As necessary, we write down inventory to its net realizable value by recording provisions for excess, slow moving and obsolete inventory. We regularly review inventory quantities on hand and values, and compare them to estimates of future product demand, market conditions, production requirements and technological developments.

Inventories consisted of the following at March 31, 2023:


	Arcadia		DynaEnergetics		NobelClad		DMC Global Inc.
Raw materials	$	10,233	$	22,463	$	9,806	$	42,502
Work-in-process	13,006		30,914		12,460		56,380
Finished goods	53,978		26,418		—		80,396
Supplies	—		—		267		267
Total inventories	$	77,217	$	79,795	$	22,533	$	179,545

Inventories consisted of the following at December 31, 2022:


	Arcadia		DynaEnergetics		NobelClad		DMC Global Inc.
Raw materials	$	11,099	$	23,701	$	8,926	$	43,726
Work-in-process	11,468		21,198		7,587		40,253
Finished goods	55,074		16,802		456		72,332
Supplies	—		—		279		279
Total inventories	$	77,641	$	61,701	$	17,248	$	156,590