Inventories

12 Months Ended

Dec. 31, 2023

INVENTORIES

Inventories

Note 7: Inventories

Inventories consist of (i) raw materials and supplies that are consumed providing services to the Company’s customers, (ii) spare parts for equipment used in providing these services and (iii) components and attachments for manufactured equipment used in providing services. In the table below, spare parts and components are included as part of raw materials and supplies; tools that are assembled using components are reported as finished goods. Inventories are recorded at the lower of cost or net realizable value. Cost is determined using either the first-in, first-out, or the weighted average cost method.

December 31,	2023		2022
(in thousands)
Raw materials and supplies	$	109,872	$	95,384
Finished goods		1,032		1,723
Total inventory	$	110,904	$	97,107