Inventories

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consist of the following:

	As of December 31,
	2019		2018
Raw materials	$	216.3	$	226.8
Work-in-process	727.7		571.1
Finished goods	70.6		24.4
Deferred costs	400.9		328.9
	$	1,415.5	$	1,151.2

Deferred costs represent the costs of product manufactured and shipped to the Company's collaborators for which recognition of revenue has been deferred (see Note 1 for a further description of the related accounting policy). For the years ended December 31, 2019, 2018, and 2017, Cost of goods sold included inventory write-downs and reserves of $73.8 million, $12.5 million, and $20.9 million, respectively.