5.	Inventories

Inventories consisted of the following (in millions):


	As of December 31,
	2016		2015
Finished goods	$	1,556.9	$	1,827.9
Work in progress		141.7		146.1
Raw materials		260.8		280.1

Inventories	$	1,959.4	$	2,254.1

Finished goods inventory as of December 31, 2016 and 2015 includes $35.3 million and $284.4 million, respectively, to step-up acquired inventory to fair value.

Amounts charged to the consolidated statement of earnings for excess and obsolete inventory in the years ended December 31, 2016, 2015 and 2014 were $195.4 million, $118.4 million, and $51.8 million, respectively. The increase in the 2016 period primarily resulted from our decision to discontinue certain products.