Inventories

3 Months Ended

Apr. 01, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories on the Consolidated Balance Sheets are summarized as follows:

	April 1,		December 31,
(Thousands)	2022		2021
Raw materials and supplies	$	106,625	$	93,518
Work in process	228,194		221,638
Finished goods	52,173		45,959
Inventories, net	$	386,992	$	361,115

The Company maintains the majority of the precious metals and copper used in production on a consignment basis in order to reduce its exposure to metal price movements and to reduce its working capital investment. The notional value of off-balance sheet precious metals and copper was $485.5 million and $480.2 million as of April 1, 2022 and December 31, 2021, respectively.