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INVENTORIES | 6 Months Ended
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Jun. 30, 2016
Inventory, Net [Abstract] |
INVENTORIES | INVENTORIES Inventoried costs contain amounts relating to long-term contracts and programs with long production cycles, a portion of which will not be realized within one year. Long-term contract inventory includes an immaterial amount of claims or other similar items subject to uncertainty concerning their determination or realization. Inventories are valued at the lower of cost or market. The composition of inventories is as follows:
(In thousands) | June 30, 2016 |  | December 31, 2015
Raw materials | $ | 204,841 |  |  | $ | 196,684 |
Work-in-process | 82,255 |  |  | 79,406 |
Finished goods and component parts | 118,717 |  |  | 114,931 |
Inventoried costs related to long-term contracts | 55,553 |  |  | 51,774 |
Gross inventories | 461,366 |  |  | 442,795 |
Less: Inventory reserves | (53,189 | ) |  | (48,904 | )
Progress payments applied | (10,615 | ) |  | (14,300 | )
Inventories | $ | 397,562 |  |  | $ | 379,591 |
Inventoried costs related to long-term contracts include capitalized contract development costs related to certain aerospace and defense programs of $31.0 million and $29.7 million, as of June 30, 2016 and December 31, 2015, respectively. These capitalized costs will be liquidated as production units are delivered to the customers. As of June 30, 2016 and December 31, 2015, $3.9 million and $2.5 million, respectively, are scheduled to be liquidated under existing firm orders.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 + Details
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- References No definition available. + Details
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