INVENTORIES

6 Months Ended

Jun. 30, 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 June 30, 2023:


	Arcadia		DynaEnergetics		NobelClad		DMC Global Inc.
Raw materials	$	7,122	$	27,233	$	9,205	$	43,560
Work-in-process	10,996		36,215		14,440		61,651
Finished goods	56,970		28,444		—		85,414
Supplies	—		—		322		322
Total inventories	$	75,088	$	91,892	$	23,967	$	190,947

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