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)
		September 30,		December 31,
		2011		2010
Raw material		$	161,157	$	147,950
Work-in-process			103,595		69,302
Finished goods and component parts			78,998		73,419
Inventoried costs related to U.S. Government and other long-term contracts			39,622		41,029
Gross inventories			383,372		331,700
Less: Inventory reserves			(44,134)		(41,596)
	Progress payments applied, principally related to long-term contracts		(10,284)		(9,001)
Inventories, net		$	328,954	$	281,103