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Inventories

3 Months Ended

Mar. 31, 2015

Inventories, net consisted of the following:



	March 31,			December 31,
(Amounts in thousands)	2015			2014
Raw materials	$	427,937		$	352,928
Work in process	748,713			687,343
Finished goods	265,807			265,439
Less: Progress billings	(245,418		)	(230,058		)
Less: Excess and obsolete reserve	(78,099		)	(80,088		)
Inventories, net	$	1,118,940		$	995,564

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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