INVENTORIES

6 Months Ended

Jun. 30, 2024

Inventory, Net [Abstract]

INVENTORIES

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. Long-term contract inventory 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 is as follows:

(In thousands)	June 30, 2024		December 31, 2023
Raw materials	$	261,010	$	239,313
Work-in-process	120,540		103,750
Finished goods	135,776		126,174
Inventoried costs related to U.S. Government and other long-term contracts	42,553		43,255
Inventories, net of reserves	559,879		512,492
Less:  Progress payments applied	(737)		(2,459)
Inventories, net	$	559,142	$	510,033