Inventory (Tables)

12 Months Ended

Dec. 31, 2019



	December 31, 2019		December 31, 2018
Raw materials	$	253.1	$	240.4
Work-in-process⁽¹⁾	822.8		727.8
Finished goods	14.5		7.1
Product inventory	1,090.4		975.3
Capitalized pre-production	28.4		37.3
Total inventory, net	$	1,118.8	$	1,012.6

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Product inventory, summarized in the table above, is shown net of valuation reserves of $39.0 and $55.2 as of December 31, 2019 and December 31, 2018, respectively.

(1)

For the period ended December 31, 2019, work-in-process inventory includes direct labor, direct material, overhead, and purchases on contracts for which revenue is recognized at a point in time, as well as sub-assembly parts that have not been issued to production on contracts for which revenue is recognized using the input method. For the period ended December 31, 2019, and December 31, 2018, work-in-process inventory includes $157.2 and $151.6, respectively, of costs incurred in anticipation of specific contracts and no impairments were recorded in the period.