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Inventory, net

12 Months Ended

Dec. 31, 2014

5. Inventory, net

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

	December 31,
	2014		2013
Parts and supplies	$	269,370	$	233,216
Work in progress	100,499		139,763
Finished goods	33,702		40,948
Inventory, net	$	403,571	$	413,927

During the years ended December 31, 2014, 2013 and 2012, we recorded $8.0 million, $4.5 million and $1.0 million, respectively, in inventory write-downs and reserves for inventory which was obsolete, excess or carried at a price above market value. As of December 31, 2014 and 2013, we had inventory reserves of $20.2 million and $14.1 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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