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Inventories

12 Months Ended

Dec. 31, 2014

INVENTORIES

Inventories, net consisted of the following:



	December 31,
	2014			2013
	(Amounts in thousands)
Raw materials	$	352,928		$	356,899
Work in process	687,343			786,664
Finished goods	265,439			306,765
Less: Progress billings	(230,058		)	(304,395		)
Less: Excess and obsolete reserve	(80,088		)	(85,263		)
Inventories, net	$	995,564		$	1,060,670

During 2014, 2013 and 2012, we recognized expenses of $19.2 million, $24.4 million and $18.2 million, respectively, for excess and obsolete inventory. These expenses are included in cost of sales ("COS") in our consolidated statements of income.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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