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INVENTORIES | 6 Months Ended
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Jun. 27, 2021
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES Inventories consisted of the following (in millions):
|  | June 27, 2021 |  | December 31, 2020
Materials, spares and supplies |  | $ | 621 |  |  |  | $ | 612 |  |
Work-in-process |  | 2,290 |  |  |  | 2,693 |  |
Finished goods |  | 208 |  |  |  | 240 |  |
Total inventories |  | $ | 3,119 |  |  |  | $ | 3,545 |  |
Costs incurred to fulfill a contract in advance of the contract being awarded are included in inventories as work-in-process if we determine that those costs relate directly to a contract or to an anticipated contract that we can specifically identify and contract award is probable, the costs generate or enhance resources that will be used in satisfying performance obligations, and the costs are recoverable (referred to as pre-contract costs). Pre-contract costs that are initially capitalized in inventory are generally recognized as cost of sales consistent with the transfer of products and services to the customer upon the receipt of the anticipated contract. All other pre-contract costs, including start-up costs, are expensed as incurred. As of June 27, 2021 and December 31, 2020, $693 million and $583 million of pre-contract costs were included in inventories.

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- References No definition available. + Details
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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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