Inventories (Notes)

12 Months Ended

Dec. 31, 2022

INVENTORIES

The following table summarizes our inventories.


As of December 31	2022		2021
Finished goods	$	86.6	$	73.0
Work in process	104.6		92.3
Raw materials	342.7		265.6
Inventories(a)	$	533.9	$	430.9

(a) During the year ended December 31, 2022, we recorded inventory write-downs of $5.2 related to inventories held by entities impacted by the Russia-Ukraine war. See Note 1, Description of Business and Basis of Presentation, for further information.

Government Assistance (ASU 2021-10)

Since the start of the COVID-19 pandemic, energy prices have been increasing throughout the world, particularly in Europe. These increases have prompted governments to put in place measures to shield businesses and consumers from the direct impact of rising prices. These measures include granting subsidies to help offset the high energy prices. In particular, to qualify for an energy subsidy in Italy, a company must apply for and receive a certificate attesting that the company is an "energy and gas consuming company" (high energy consumption connected to the production cycle). The amount of subsidies granted is calculated based on a percentage of actual consumption, ranging from 25% to 40%. One of our Italian subsidiaries within our MT segment obtained this certificate and was granted energy subsidies from the Italian government beginning in April 2022, amounting to $7.3 for the year ended December 31, 2022. These energy subsidies are recorded within Costs of revenue in our Consolidated Statements of Operations. There was no other material government assistance received by the Company, or any of our subsidiaries, during the year.