Note 6—Inventories

Inventories consisted of the following at December 31, (in millions):

	2014		2013
Raw materials	$	159.5	$	189.7
Work-in-process		169.5		196.5
Finished goods		109.9		155.3
Demonstration units		38.5		48.3

Inventories	$	477.4	$	589.8

Finished goods include in-transit systems that have been shipped to the Company's customers but not yet installed and accepted by the customer. As of December 31, 2014 and 2013, inventory-in-transit was $58.6 million and $81.9 million, respectively.

The Company reduces the carrying value of its demonstration inventories for differences between its cost and estimated net realizable value through a charge to cost of product revenue that is based on a number of factors including the age of the unit, the physical condition of the unit and an assessment of technological obsolescence. Amounts recorded in cost of revenue related to the write-down of demonstration units to net realizable value were $28.2 million, $32.7 million and $31.5 million for the years ended December 31, 2014, 2013 and 2012, respectively.