Inventories

6 Months Ended

Jun. 28, 2020

Inventories are stated at current cost, net of reserves for excess, slow moving and obsolete inventory. Inventories are valued under the FIFO method, LIFO method or average cost method. Inventories at cost determined on the average cost or the FIFO methods were $363.4 million at June 28, 2020 and $361.2 million at December 29, 2019. The remainder of the inventories using the LIFO method is $36.3 million at June 28, 2020 and $40.0 million at December 29, 2019. Interim LIFO calculations are based on the Company’s estimates of expected year-end inventory levels and costs since an actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Because these estimates are subject to many factors beyond the Company’s control, interim results are subject to the final year-end LIFO inventory valuation.


	Balance at
Inventories (in millions):	June 28, 2020		December 29, 2019
Raw materials and supplies	$	251.9	$	231.2
Work in process	84.0		108.3
Finished goods	63.8		61.7
	399.7		401.2

Reduction to LIFO cost basis	(7.4)		(7.8)
Total inventories, net	$	392.3	$	393.4