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INVENTORIES
 12 Months Ended
Jan. 01, 2022
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
(Millions of Dollars)20212020
Finished products$3,508.1 $1,883.6 
Work in process393.9 169.2 
Raw materials1,544.8 586.1 
Total$5,446.8 $2,638.9 
Net inventories in the amount of $2.6 billion at January 1, 2022 and $1.3 billion at January 2, 2021 were valued at the lower of LIFO cost or market. If the LIFO method had not been used, inventories would have been higher than reported by $228.5 million at January 1, 2022 and $45.8 million at January 2, 2021.
As part of the MTD and Excel acquisitions in the fourth quarter of 2021, the Company acquired inventory with an estimated fair value of $900.7 million and $49.9 million, respectfully. Refer to Note E, Acquisitions and Investments, for further discussion.