Note 4: Inventories

Inventories by major classification are as follows:


(Amounts in millions)	October 1, 2016		January 2, 2016
Finished goods	$	458.5	$	437.9
Work in progress		42.3		42.9
Raw materials		96.1		90.3

Total FIFO value		596.9		571.1
Excess of current cost over LIFO cost		(73.3)		(73.3)

Total inventories – net	$	523.6	$	497.8

Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 58% and 57% as October 1, 2016, and January 2, 2016, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of October 1, 2016, approximately 29% of the company’s U.S. inventory was accounted for using the FIFO method and 71% was accounted for using the last-in, first-out (“LIFO”) method. There were no LIFO inventory liquidations in the three and nine month periods ended October 1, 2016, or October 3, 2015.