Note 6—Inventories

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

	2016		2015
Raw materials	$	132.8	$	158.8
Work-in-process		181.0		131.1
Finished goods		91.8		93.3
Demonstration units		34.8		38.8

Inventories	$	440.4	$	422.0

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, 2016 and 2015, inventory-in-transit was $37.5 million and $44.7 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 product revenue related to the write-down of demonstration units to net realizable value were $16.5 million, $19.4 million and $28.2 million for the years ended December 31, 2016, 2015 and 2014, respectively.