Inventories

During 2014, the Venezuelan subsidiary recorded $9.5 million of lower of cost or market charges that were recognized within the Cost of sales caption in the Consolidated Statements of Operations and Comprehensive Income (Loss). These charges are due to translation of local sales at higher foreign currency exchange rates that are subject to sales price caps under the new price controls law while the Company's cost for the copper component of its inventory is based on copper purchases at rates lower than the rates used to translate the financial results at the Company's Venezuela subsidiary. Therefore, management reduced Venezuela's inventory value to expected sales price (market value), which was lower than the recorded cost basis. Refer to Note 22 - Venezuelan Operations for the recent developments at the Venezuelan subsidiary.

As of December 31, 2014, all inventories are stated at the lower of cost or market value.



(in millions)	Dec 31, 2014		Dec 31, 2013
Raw materials	$	237.1	$	319.1
Work in process	166.5		190.1
Finished goods	615.2		730.4
Total	$	1,018.8	$	1,239.6

At December 31, 2014 and 2013, the Company had approximately $26.4 million and $32.5 million, respectively of consignment inventory at locations not operated by the Company with approximately 83% and 87%, respectively, of the consignment inventory located throughout the United States and Canada.