Inventories

12 Months Ended

Dec. 31, 2022

Inventories consist of the following:


	As of December 31,
(In millions)	2022		2021
Raw materials	$	818.4	$	721.9
Work-in-process	963.1		707.2
Finished goods	98.6		73.7
Deferred costs	521.8		448.5
	$	2,401.9	$	1,951.3

Inventory balances in the table above are net of reserves of $720.7 million and $510.0 million as of December 31, 2022 and 2021, respectively. Deferred costs represent the costs of product manufactured and shipped to the Company's collaborators for which recognition of revenue has been deferred. For the years ended December 31, 2022 and 2021, Cost of goods sold included inventory write-offs and reserves of $258.7 million and $457.1 million, respectively, primarily related to REGEN-COV. Inventory write-offs and reserves for the year ended December 31, 2020 were not material.