INVENTORIES

12 Months Ended

Dec. 31, 2022

Inventory, Net [Abstract]

INVENTORIES

6. 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. The caption "Inventoried costs related to U.S. Government and other long-term contracts" 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 as of December 31 is as follows:

(In thousands)	2022		2021
Raw materials	$	242,116	$	191,066
Work-in-process	76,328		78,221
Finished goods	128,090		98,944
Inventoried costs related to U.S. Government and other long-term contracts (1)	39,685		48,619
Inventories, net of reserves	486,219		416,850
Less: Progress payments applied	(3,106)		(5,283)
Inventories, net	$	483,113	$	411,567

(1) As of December 31, 2022, this caption also includes capitalized development costs of $16.8 million related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced and sold under contract. As of December 31, 2022, capitalized development costs of $11.0 million are not currently supported by existing firm orders.