INVENTORIES

3 Months Ended

Mar. 31, 2024

INVENTORIES

INVENTORY

3.          INVENTORIES

Inventory costs include materials, labor and factory overhead. Inventories are stated at the lower of cost or net realizable value, determined on a moving average unit cost basis. Appropriate consideration is given to obsolescence, valuation and other factors in determining net realizable value. Revisions of these estimates could result in the need for adjustments.

Inventories, net of reserves, consisted of the following:

	March 31,		December 31,
(in thousands)	2024		2023
Raw materials	$	86,624	$	89,048
Work in process		44,587		47,934
Finished goods		23,948		23,077
Chassis		29,115		29,748
Total inventory	$	184,274	$	189,807

For the three months ended March 31, 2024 and 2023, the Company did not recognize impairment of inventory.

For the three months ended March 31, 2024 and fiscal year ended December 31, 2023, the Company’s balances are presented net of inventory reserves of $6.9 million and $5.6 million, respectively.