Inventory

12 Months Ended

Dec. 31, 2019

The components of inventory are summarized as follows:



	As of December 31,
(In millions)	2019		2018
Raw materials	$	169.7	$	196.3
Work in process	460.0		606.7
Finished goods	174.5		133.5
Total inventory	$	804.2	$	936.5

Balance Sheet Classification:
Inventory	$	804.2	$	929.9
Investments and other assets	—		6.6
Total inventory	$	804.2	$	936.5

During 2019 we sold to Bioverativ hemophilia-related inventory on hand as of December 31, 2018, with a cost basis totaling $184.5 million pursuant to the terms of the manufacturing and supply agreement with Bioverativ entered into in connection with the spin-off of our hemophilia business.

Long-term inventory, which primarily consists of work in process, is included in investments and other assets in our consolidated balance sheets.

Inventory amounts written down as a result of excess, obsolescence, unmarketability or other reasons are charged to cost of sales, and totaled $52.2 million, $41.9 million and $76.9 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Divestiture of Hillerød, Denmark Manufacturing Operations

In August 2019 we completed the sale of all of the outstanding shares of our subsidiary that owned our biologics manufacturing operations in Hillerød, Denmark to FUJIFILM. This transaction included the sale of $14.0 million of work in process inventory.

In addition, we sold to FUJIFILM approximately $41.8 million of raw materials that were remaining at the Hillerød facility on the closing date of this transaction. These materials were sold at cost, which approximates fair value.

For additional information on the divestiture of our Hillerød, Denmark manufacturing operations, please read Note 3, Divestitures, to these consolidated financial statements.