The major classes of inventories were as follows:

In the second quarter of fiscal year 2025, the Company completed a product rationalization evaluation on its industrial product offerings. As a result of the evaluation, an inventory write-down on certain industrial products, totaling $1.6 million, was recorded.

In the first quarter of fiscal year 2024, the Company entered into an agreement to sell most of its boat management system product line located at one of its subsidiaries in Italy. The sale amount was below cost and resulted in the Company recognizing an inventory write-down of $2.1 million. The Company also evaluated its other boat management system inventory, not associated with the sale. This evaluation resulted in the Company recognizing an additional inventory write-down of $1.6 million for inventory located in the U.S. These write-downs were partially offset by certain liabilities transferred to the buyer at the time of the sale. The sale was completed in the second quarter of fiscal year 2024.