Inventories (Notes)

12 Months Ended

Dec. 31, 2024

INVENTORIES

The following table summarizes our inventories.


As of December 31	2024		2023
Raw materials	$	384.4	$	366.6
Work in process	99.6		111.8
Finished goods	107.2		97.0
Inventories	$	591.2	$	575.4

Government Assistance (ASU 2021-10)

Increased energy prices 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. ASU 2021-10 requires entities to provide information about the nature of transactions, related policies and effect of government grants on an entity’s financial statements. In particular, in Italy, to qualify for an energy subsidy 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. This program concluded in the second quarter of 2023. For the year ended December 31, 2023, we recognized a benefit of $6.3, which we 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.