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Inventories
 12 Months Ended
Dec. 31, 2016
Inventories  
Inventories

Note 4. Inventories

 

Inventories are composed of the following:

 

(In millions)

 

 

 

 

 

December 31,
2016

 

January 2,
2016

Finished goods

 

 

 

 

$
1,947

$
1,735

Work in process

 

 

 

 

 
2,742

 
2,921

Raw materials and components

 

 

 

 

 
724

 
605

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
5,413

 
5,261

Progress/milestone payments

 

 

 

 

 
(949)

 
(1,117)

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

$
4,464

$
4,144

 

 

 

 

 

 

 

 

 

 

Inventories valued by the LIFO method totaled $1.9 billion and $1.6 billion at December 31, 2016 and January 2, 2016, respectively, and the carrying values of these inventories would have been higher by approximately $457 million and $463 million, respectively, had our LIFO inventories been valued at current costs. Inventories related to long-term contracts, net of progress/milestone payments, were $557 million and $611 million at December 31, 2016 and January 2, 2016, respectively.