INVENTORIES

6 Months Ended

Jun. 30, 2011

Inventories [Abstract]

INVENTORIES

4.       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. Inventories are valued at the lower of cost (principally average cost) or market. The composition of inventories is as follows:

			(In thousands)
		June 30,		December 31,
		2011		2010
Raw material		$	159,868	$	147,950
Work-in-process			100,196		69,302
Finished goods and component parts			78,835		73,419
Inventoried costs related to U.S. Government and other long-term contracts			49,270		41,029
Gross inventories			388,169		331,700
Less: Inventory reserves			(44,574)		(41,596)
	Progress payments applied, principally related to long-term contracts		(10,889)		(9,001)
Inventories, net		$	332,706	$	281,103