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Inventories

9 Months Ended

Sep. 30, 2014

The components of inventories are as follows:



(in millions)	September 30, 2014		December 31, 2013
Raw materials, net of reserves	$	61.5	$	81.1
Work in progress	0.6		1.2
Finished goods, net of reserves	50.6		45.4
Inventories	$	112.7	$	127.7

Raw materials are net of a $3.0 million and $4.2 million reserve for obsolete and slow moving inventory at September 30, 2014 and December 31, 2013, respectively. Finished goods are net of a $2.1 million and $1.7 million reserve for obsolete and slow moving inventory and lower of cost or market at September 30, 2014 and December 31, 2013, respectively.

The decline in the reserve for raw materials is due to one of our U.S. locations disposing of some previously reserved inventory in the second quarter of 2014.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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