Inventories

6 Months Ended

Jul. 03, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs.

A summary of inventories is shown below (in millions):

	July 3, 2021		December 31, 2020
Raw materials	$	1,137.9	$	1,051.6
Work-in-process	113.5		109.8
Finished goods	489.9		396.9
Reserves	(151.0)		(157.2)
Inventories	$	1,590.3	$	1,401.1