INVENTORIES

Inventories, net consisted of the following:



	December 31,
	2015			2014
	(Amounts in thousands)
Raw materials	$	390,998		$	352,928
Work in process	739,227			687,343
Finished goods	235,083			265,439
Less: Progress billings	(285,582		)	(230,058		)
Less: Excess and obsolete reserve	(84,161		)	(80,088		)
Inventories, net	$	995,565		$	995,564

During 2015, 2014 and 2013, we recognized expenses of $24.2 million, $19.2 million and $24.4 million, respectively, for excess and obsolete inventory. These expenses are included in cost of sales ("COS") in our consolidated statements of income.