Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of the following (in thousands):

	December 31,
	2023		2022
Raw materials	$	93,201	$	71,720
Work-in-process	5,747		906
Finished goods	63,337		49,854
	$	162,285	$	122,480

In connection with the acquisition of Moritex Corporation in the fourth quarter of 2023 (refer to Note 21), the Company recorded inventories with a fair value of $22,788,000 on the acquisition date.

The Company recorded provisions for excess and obsolete inventories of $3,775,000 and $3,084,000 in 2023 and 2022, respectively, which reduced the carrying value of the inventories to their net realizable value.