INVENTORIES

6 Months Ended

Jun. 30, 2023

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, 2023		December 31, 2022
Raw materials	$	252,666	$	242,116
Work-in-process	102,339		76,328
Finished goods	148,493		128,090
Inventoried costs related to U.S. Government and other long-term contracts (1)	44,872		39,685
Inventories, net of reserves	548,370		486,219
Less:  Progress payments applied	(2,774)		(3,106)
Inventories, net	$	545,596	$	483,113

(1) This caption includes capitalized development costs of $15.5 million as of June 30, 2023 related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced under contract. As of June 30, 2023, capitalized development costs of $8.3 million are not currently supported by existing firm orders.