INVENTORIES

Inventories consist of the following (in millions):



	March 31, 2017		December 31, 2016
Finished equipment	$	373.9	$	334.7
Replacement parts	143.7		144.9
Work-in-process	184.8		175.4
Raw materials and supplies	206.8		198.8
Inventories	$	909.2	$	853.8

Reserves for lower of cost or net realizable value and excess and obsolete inventory were $85.2 million at March 31, 2017. Reserves for lower of cost or market value, excess and obsolete inventory were $83.3 million at December 31, 2016.