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INVENTORIES | 3 Months Ended
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Mar. 31, 2024
Inventory Disclosure [Abstract] |
INVENTORIES | Inventories consisted of the following (in millions):
|  | March 31, 2024 |  | December 31, 2023
Materials, spares and supplies |  | $ | 640 |  |  |  | $ | 606 |  |
Work-in-process |  | 2,443 |  |  |  | 2,338 |  |
Finished goods |  | 195 |  |  |  | 188 |  |
Total inventories |  | $ | 3,278 |  |  |  | $ | 3,132 |  |
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 determine that 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). These advanced procurement costs are generally incurred in order to enhance our ability to achieve schedule and certain customer milestones. 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 March 31, 2024 and December 31, 2023, $1.1 billion and $989 million of pre-contract costs (primarily the F-35 program and classified contracts at our Aeronautics business segment) were included in inventories.

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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 -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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