Inventories, Net Of Customer Advances

12 Months Ended

Dec. 31, 2011

Inventories, Net Of Customer Advances [Abstract]

Note 5 - INVENTORIES, NET OF CUSTOMER ADVANCES


	December 31,
	2011		2010
Cost incurred on long-term contracts in progress	$	866,325	$	763,791
Raw materials		110,528		82,236
Advances to suppliers and subcontractors		47,168		50,839
		1,024,021		896,866
Less -
Cost incurred on contracts in progress deducted from customer advances		38,048		55,957
Advances received from customers (*)		150,195		101,231
Provision for losses on long-term contracts		74,509		74,408
	$	761,269	$	665,270

(*) The Company has transferred legal title of inventories to certain customers as collateral for advances received. Advances are allocated to the relevant inventories on a per-project basis. In cases where advances are in excess of the inventories, the net amount is presented in customer advances (See Note 14).

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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