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Inventories

3 Months Ended

Mar. 31, 2012

3. Inventories

Inventories as of March 31, 2012 and December 31, 2011 were as follows:

	March 31,			December 31,
In thousands	2012			2011
Raw materials	$	16,760		$	15,068
Work in process		12,167			11,569
Finished goods		10,404			9,915
		39,331			36,552
Less: Progress billings		(2,739	)		(2,706	)
Total inventories	$	36,592		$	33,846

Included in work in process is gross tooling inventory of $6.6 million and $6.4 million at March 31, 2012 and December 31, 2011, respectively. Tooling inventory, net of progress billings, was $3.9 million and $3.7 million at March 31, 2012 and December 31, 2011, respectively.

- 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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