INVENTORIES

6 Months Ended

Jun. 30, 2016

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

Inventories consist of the following (in millions):

	June 30, 2016		December 31, 2015
Finished equipment	$	438.8	$	429.1
Replacement parts	155.0		168.3
Work-in-process	207.9		190.4
Raw materials and supplies	233.6		275.8
Inventories	$	1,035.3	$	1,063.6

Reserves for lower of cost or market value, excess and obsolete inventory were $92.9 million and $76.8 million at June 30, 2016 and December 31, 2015, respectively.