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Inventory, net

12 Months Ended

Dec. 31, 2013

3. Inventory, net

Inventory, net of reserves, consisted of the following amounts (in thousands):

	December 31,
	2013		2012
Parts and supplies	$	233,216	$	231,357
Work in progress	139,763		120,930
Finished goods	40,948		34,043
Inventory, net	$	413,927	$	386,330

During 2013, 2012 and 2011, we recorded $4.5 million, $1.0 million and $5.0 million, respectively, in inventory write-downs and reserves for inventory, which were either obsolete, excess or carried at a price above market value. As of December 31, 2013 and 2012, we had inventory reserves of $14.1 million and $11.7 million, respectively.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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