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INVENTORIES | 3 Months Ended
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Mar. 31, 2022
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES Inventories consist of the following (in millions):
| March 31, 2022 |  | December 31, 2021
Finished equipment | $ | 288.5 |  |  | $ | 283.0 |
Replacement parts | 167.9 |  |  | 157.3 |
Work-in-process | 153.3 |  |  | 105.5 |
Raw materials and supplies | 311.6 |  |  | 267.7 |
Inventories | $ | 921.3 |  |  | $ | 813.5 |
Work-in-process inventory includes approximately $52 million and $10 million of substantially completed inventory awaiting installation of final components at March 31, 2022 and December 31, 2021, respectively. Information regarding principal materials, components and commodities and any risks associated with these items are included in Item 3. – “Quantitative and Qualitative Disclosures about Market Risk – Commodities Risk.” Reserves for lower of cost or net realizable value and excess and obsolete inventory were $59.6 million and $57.8 million at March 31, 2022 and December 31, 2021, respectively.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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