INVENTORIES

12 Months Ended

Dec. 31, 2020

Inventory, Net [Abstract]

INVENTORIES

6. 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.  The caption "Inventoried costs related to U.S. Government and other long-term contracts" includes an immaterial amount of claims or other similar items subject to uncertainty concerning their determination or realization. Inventories are valued at the lower of cost or net realizable value.

The composition of inventories as of December 31 is as follows:

(In thousands)	2020		2019
Raw materials	$	177,828	$	153,876
Work-in-process	80,729		100,359
Finished goods	120,767		108,329
Inventoried costs related to U.S. Government and other long-term contracts (1)	56,599		70,414
Inventories, net of reserves	435,923		432,978
Less:  Progress payments applied	(7,044)		(8,143)
Inventories, net	$	428,879	$	424,835

(1) As of December 31, 2020 and 2019, this caption also includes capitalized development costs of $29.7 million and $39.1 million, respectively, related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced and sold under contract. As of December 31, 2020 and 2019, capitalized development costs of $13.0 million and $23.7 million, respectively, are not currently supported by existing firm orders.