INVENTORIES

12 Months Ended

Dec. 31, 2023

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)	2023		2022
Raw materials	$	239,313	$	242,116
Work-in-process	103,750		76,328
Finished goods	126,174		128,090
Inventoried costs related to U.S. Government and other long-term contracts(1)	43,255		39,685
Inventories, net of reserves	512,492		486,219
Less: Progress payments applied	(2,459)		(3,106)
Inventories, net	$	510,033	$	483,113

(1) As of December 31, 2023, this caption also includes capitalized development costs of $13.8 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, 2023, capitalized development costs of $8.8 million are not currently supported by existing firm orders.