Inventories

As of December 31, 2016, all inventories are stated at the lower of cost or market value and consisted of the following (in millions):



	Dec 31, 2016		Dec 31, 2015
Raw materials	$	170.7	$	187.2
Work in process	130.3		127.2
Finished goods	467.2		532.0
Total	$	768.2	$	846.4

At December 31, 2016 and 2015, the Company had $19.3 million and $19.0 million of consignment inventory at locations not operated by the Company, respectively, with approximately 80% of the consignment inventory located in the United States and Canada.

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 2 - Summary of Significant Accounting Policies for more information regarding the Company's Venezuelan operations.