INVENTORIES (Table)

3 Months Ended

Mar. 31, 2021

The composition of inventories is as follows:


(In thousands)	March 31, 2021		December 31, 2020
Raw materials	$	190,874	$	177,828
Work-in-process	86,760		80,729
Finished goods	120,594		120,767
Inventoried costs related to U.S. Government and other long-term contracts (1)	55,195		56,599
Inventories, net of reserves	453,423		435,923
Less: Progress payments applied	(6,791)		(7,044)
Inventories, net	$	446,632	$	428,879

(1) As of March 31, 2021 and December 31, 2020, this caption also includes capitalized development costs of $28.5 million and $29.7 million, respectively, related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced under contract. As of March 31, 2021 and December 31, 2020, capitalized development costs of $12.6 million and $13.0 million, respectively, are not currently supported by existing firm orders.