Inventories

12 Months Ended

Jan. 01, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories are composed of the following:

(In millions)	January 1, 2022		January 2, 2021
Finished goods	$	1,071	$	1,228
Work in process	1,548		1,455
Raw materials and components	849		830
Total	$	3,468	$	3,513

Inventories valued by the LIFO method totaled $2.5 billion and $2.2 billion at January 1, 2022 and January 2, 2021, respectively, and the carrying values of these inventories would have been higher by approximately $523 million and $507 million, respectively, had our LIFO inventories been valued at current costs.