INVENTORIES

12 Months Ended

Dec. 31, 2024

INVENTORIES:

The components of inventories, net of applicable net realizable value write-downs, were as follows:


	December 31
	2024		2023
Raw materials	$	1,521.1	$	1,883.7
Work in progress	106.6		93.6
Finished goods	132.9		127.0
	$	1,760.6	$	2,104.3

We recorded inventory write-downs of $49.0 in cost of sales in 2024 (2023 — $59.9; 2022 — $32.1). The accounting treatment of inventories destroyed in a fire event in June 2022 is described in note 14. We regularly review the estimates and assumptions we use to value our inventory through analysis of historical performance, current conditions and future expectations.

Contract liabilities

A contract liability is recognized when we have an obligation to transfer goods or services to a customer for which we have received consideration (or an amount of consideration is due) from the customer. We receive cash deposits from certain of our customers primarily to reduce risks related to excess and/or obsolete inventory. Our customer cash deposit balance fluctuates depending on the levels of inventory we have been asked to procure by certain customers, or as we utilize the inventory in production. At December 31, 2024, our accrued and other current liabilities included $511.6 (December 31, 2023 — $904.8) of cash deposits.