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INVENTORIES

9 Months Ended

Sep. 30, 2021

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 net realizable value.

The composition of inventories is as follows:


(In thousands)	September 30, 2021		December 31, 2020
Raw materials	$	194,887	$	177,828
Work-in-process	81,781		80,729
Finished goods	111,914		120,767
Inventoried costs related to U.S. Government and other long-term contracts (1)	50,086		56,599
Inventories, net of reserves	438,668		435,923
Less: Progress payments applied	(5,528)		(7,044)
Inventories, net	$	433,140	$	428,879

(1) As of September 30, 2021 and December 31, 2020, this caption also includes capitalized development costs of $26.3 million and $29.7 million, respectively, related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced under contract. As of September 30, 2021 and December 31, 2020, capitalized development costs of $12.1 million and $13.0 million, respectively, are not currently supported by existing firm orders.