Inventories

9 Months Ended

Oct. 02, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories by major classification are as follows:

(Amounts in millions)	October 2, 2021		January 2, 2021
Finished goods	$	674.2	$	643.4
Work in progress	63.7		61.6
Raw materials	137.6		125.5
Total FIFO value	875.5		830.5
Excess of current cost over LIFO cost	(85.9)		(84.0)
Total inventories – net	$	789.6	$	746.5

Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 59% and 57% of total inventories as of October 2, 2021 and January 2, 2021, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of October 2, 2021, approximately 32% of the company’s U.S. inventory was accounted for using the FIFO method and 68% was accounted for using the last-in, first-out (“LIFO”) method. There were no LIFO inventory liquidations in the three and nine months ended October 2, 2021, or September 26, 2020.