INVENTORIES

Our inventories represent primarily business-jet components and are stated at the lower of cost or net realizable value. Work-in-process represents largely labor, material and overhead costs associated with aircraft in the manufacturing process and is based primarily on the estimated average unit cost of the units in a production lot. Raw materials are valued primarily on the first-in, first-out method. We record pre-owned aircraft acquired in connection with the sale of new aircraft at the lower of the trade-in value or the estimated net realizable value.

Inventories consisted of the following:



	October 4, 2015		December 31, 2014
Work in process	$	1,882	$	1,828
Raw materials	1,314		1,290
Finished goods	24		28
Pre-owned aircraft	19		75
Total inventories	$	3,239	$	3,221