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INVENTORIES | 12 Months Ended
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Dec. 31, 2022
Inventory, Net [Abstract] |
INVENTORIES | 6. 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. The caption "Inventoried costs related to U.S. Government and other long-term contracts" 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 as of December 31 is as follows:
(In thousands) |  | 2022 |  | 2021
Raw materials |  | $ | 242,116 |  |  | $ | 191,066 |
Work-in-process |  | 76,328 |  |  | 78,221 |
Finished goods |  | 128,090 |  |  | 98,944 |
Inventoried costs related to U.S. Government and other long-term contracts (1) |  | 39,685 |  |  | 48,619 |
Inventories, net of reserves |  | 486,219 |  |  | 416,850 |
Less: Progress payments applied |  | (3,106) |  |  | (5,283) |
Inventories, net |  | $ | 483,113 |  |  | $ | 411,567 |
(1) As of December 31, 2022, this caption also includes capitalized development costs of $16.8 million related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced and sold under contract. As of December 31, 2022, capitalized development costs of $11.0 million are not currently supported by 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI https://asc.fasb.org/topic&trid=2126998 + Details
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