INVENTORIES (Table)

3 Months Ended

Mar. 31, 2023

The composition of inventories is as follows:


(In thousands)	March 31, 2023		December 31, 2022
Raw materials	$	259,191	$	242,116
Work-in-process	93,948		76,328
Finished goods	134,348		128,090
Inventoried costs related to U.S. Government and other long-term contracts (1)	43,433		39,685
Inventories, net of reserves	530,920		486,219
Less: Progress payments applied	(2,983)		(3,106)
Inventories, net	$	527,937	$	483,113

(1) As of March 31, 2023, this caption includes capitalized development costs of $16.3 million related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced under contract. As of March 31, 2023, capitalized development costs of $10.6 million are not currently supported by existing firm orders.