3. INVENTORIES

Inventories at December 31, 2012 and 2011 were as follows:

December 31,2012
   

December 31,2011
Finished goods $ 598.5 $ 500.0
Repair and replacement parts 505.6 450.7
Work in process 137.5 127.6
Raw materials   461.5   481.3
Inventories, net $ 1,703.1 $ 1,559.6
 
 

4. ACCOUNTS RECEIVABLE SALES AGREEMENTS

At December 31, 2012 and 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 December 31, 2012 and 2011, the cash received from receivables sold under the U.S., Canadian and European accounts receivable sales agreements was approximately $1.1 billion and $827.5 million, respectively.

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