Inventories at June 30, 2012 and December 31, 2011 were as follows:
|June 30,||December 31,|
|Repair and replacement parts||538.4||450.7|
|Work in process||261.0||127.6|
4. ACCOUNTS RECEIVABLE SALES AGREEMENTS
At June 30, 2012 and December 31, 2011, the Company had accounts receivable sales agreements that permit the sale, on an ongoing basis, of a majority of its wholesale receivables in North America and Europe to its 49% owned U.S., Canadian and European retail finance joint ventures. As of June 30, 2012 and December 31, 2011, the cash received from receivables sold under the U.S., Canadian and European accounts receivable sales agreements was approximately $931.9 million and $827.5 million, respectively.