Inventories

6 Months Ended

Jul. 01, 2022

INVENTORIES

Inventories consisted of the following:


	July 1, 2022		December 31, 2021
In thousands
Raw materials	$	22,661	$	19,123
Contracts and other work in process (including certain general stock materials)	155,214		138,737
Finished goods	36,813		35,240
Inventories	$	214,688	$	193,100

Inventories include amounts associated with matters such as contract changes, negotiated settlements and claims for unanticipated contract costs. These amounts were as follows:


	July 1, 2022		December 31, 2021
In thousands
Contract changes, negotiated settlements and claims for unanticipated contract costs	$	—	$	552

11. INVENTORIES (CONTINUED)

At July 1, 2022 and December 31, 2021, $68.8 million and $69.2 million, respectively, of K-MAX® inventory was included in contracts and other work in process inventory and finished goods on the Company's Condensed Consolidated Balance Sheets. Management believes that approximately $46.7 million of the K-MAX® inventory will be sold after July 1, 2023, based upon the anticipation of additional aircraft manufacturing and the requirements to support the fleet for the foreseeable future.

At July 1, 2022 and December 31, 2021, $6.4 million and $6.0 million, respectively, of SH-2G(I) inventory was included in contracts and other work in process inventory on the Company's Condensed Consolidated Balance Sheets. Management believes that approximately $4.5 million of the SH-2G(I) inventory will be sold after July 1, 2023. This balance represents spares requirements and inventory to be used on SH-2G programs.