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Inventories | 3 Months Ended
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Apr. 01, 2022
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories on the Consolidated Balance Sheets are summarized as follows:
|  | April 1, |  | December 31,
(Thousands) |  | 2022 |  | 2021
Raw materials and supplies |  | $ | 106,625 |  |  | $ | 93,518 |
Work in process |  | 228,194 |  |  | 221,638 |
Finished goods |  | 52,173 |  |  | 45,959 |
Inventories, net |  | $ | 386,992 |  |  | $ | 361,115 |
The Company maintains the majority of the precious metals and copper used in production on a consignment basis in order to reduce its exposure to metal price movements and to reduce its working capital investment. The notional value of off-balance sheet precious metals and copper was $485.5 million and $480.2 million as of April 1, 2022 and December 31, 2021, respectively.

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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 http://asc.fasb.org/topic&trid=2126998 + Details
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