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Inventories

3 Months Ended

Mar. 31, 2015

Inventories as of March 31, 2015 and December 31, 2014 were as follows:



In thousands	March 31, 2015			December 31, 2014
Raw materials	$	23,520		$	21,248
Work in process	16,831			15,753
Finished goods	14,794			15,348
	55,145			52,349
Less: Progress billings	(1,505		)	(1,108		)
Total inventories	$	53,640		$	51,241

Included in work in process is gross tooling inventory of $10.7 million and $9.9 million at March 31, 2015 and December 31, 2014, respectively. Tooling inventory, net of progress billings, was $9.2 million and $8.8 million at March 31, 2015 and December 31, 2014, 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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