INVENTORIES

12 Months Ended

Dec. 31, 2021

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)	2021		2020
Raw materials	$	191,066	$	177,828
Work-in-process	78,221		80,729
Finished goods	98,944		120,767
Inventoried costs related to U.S. Government and other long-term contracts (1)	48,619		56,599
Inventories, net of reserves	416,850		435,923
Less: Progress payments applied	(5,283)		(7,044)
Inventories, net	$	411,567	$	428,879

(1) As of December 31, 2021 and 2020, this caption also includes capitalized development costs of $25.7 million and $29.7 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, 2021 and 2020, capitalized development costs of $12.1 million and $13.0 million, respectively, are not currently supported by existing firm orders.