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INVENTORIES | 12 Months Ended
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Dec. 31, 2017
Inventory, Net [Abstract] |
INVENTORIES | 5. 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 as of December 31 is as follows:
(In thousands) |  | 2017 |  | 2016
Raw material |  | $ | 191,855 |  |  | $ | 189,228 |
Work-in-process |  | 73,937 |  |  | 73,843 |
Finished goods |  | 114,307 |  |  | 112,478 |
Inventoried costs related to U.S. Government and other long-term contracts |  | 65,150 |  |  | 57,516 |
Gross inventories |  | 445,249 |  |  | 433,065 |
Less: Inventory reserves |  | (54,638 | ) |  | (54,988 | )
Progress payments applied, principally related to long-term contracts |  | (11,745 | ) |  | (11,103 | )
Inventories, net |  | $ | 378,866 |  |  | $ | 366,974 |
As of December 31, 2017 and 2016, inventory also includes capitalized contract development costs of $35.0 million and $28.8 million, respectively, related to certain aerospace and defense programs. These capitalized costs will be liquidated as production units are delivered to the customer. As of December 31, 2017 and 2016, $5.4 million and $3.9 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 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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