INVENTORIES
3 Months Ended
Mar. 31, 2015
Inventory Disclosure [Abstract]  
INVENTORIES
INVENTORIES

Inventories consist of the following (in millions):
 
March 31,
2015
 
December 31,
2014
Finished equipment
$
506.2

 
$
425.7

Replacement parts
159.0

 
170.5

Work-in-process
454.1

 
454.2

Raw materials and supplies
401.4

 
410.5

Inventories
$
1,520.7

 
$
1,460.9



Reserves for lower of cost or market value, excess and obsolete inventory were $105.0 million and $116.3 million at March 31, 2015 and December 31, 2014, respectively.