Inventories, net consisted of the following at March 31, 2024 and December 31, 2023:


	March 31, 2024		December 31, 2023
	(in thousands)
Raw material	$	243,871	$	258,422
Work-in-process		39,870		26,851
Finished goods		30,491		24,701
Total inventories, net (1)	$	314,232	$	309,974

(1)

Inventories, net at March 31, 2024 and December 31, 2023 excludes $19.3 million and $18.0 million, respectively, of primarily work-in-process inventories, net classified as assets held for sale. See Note E: "Assets held for sale" for additional information.

Inventory reserves at March 31, 2024 and December 31, 2023 were $136.0 million and $136.0 million, respectively.