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Inventories

9 Months Ended

Sep. 30, 2014

Inventories as of September 30, 2014 and December 31, 2013 were as follows:



In thousands	September 30, 2014			December 31, 2013
Raw materials	$	21,096		$	11,944
Work in process	14,550			14,546
Finished goods	15,733			9,537
	51,379			36,027
Less: Progress billings	(2,099		)	(1,110		)
Total inventories	$	49,280		$	34,917

Included in work in process is gross tooling inventory of $7.8 million and $9.9 million at September 30, 2014 and December 31, 2013, respectively. Tooling inventory, net of progress billings, was $5.7 million and $8.8 million at September 30, 2014 and December 31, 2013, respectively.

- 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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