INVENTORIES

6 Months Ended

Jun. 30, 2022

Inventory, Net [Abstract]

INVENTORIES

INVENTORIES

Inventoried costs contain amounts relating to long-term contracts and programs with long production cycles, a portion of which will not be realized within one year. Long-term contract inventory includes an immaterial amount of claims or other similar items subject to uncertainty concerning their determination or realization. Inventories are valued at the lower of cost or net realizable value.

The composition of inventories is as follows:

(In thousands)	June 30, 2022		December 31, 2021
Raw materials	$	239,575	$	191,066
Work-in-process	87,193		78,221
Finished goods	118,655		98,944
Inventoried costs related to U.S. Government and other long-term contracts (1)	42,110		48,619
Inventories, net of reserves	487,533		416,850
Less:  Progress payments applied	(4,743)		(5,283)
Inventories, net	$	482,790	$	411,567

(1) This caption includes capitalized development costs of $19.8 million as of June 30, 2022 related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced under contract. As of June 30, 2022, capitalized development costs of $12.3 million are not currently supported by existing firm orders.