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Inventories

12 Months Ended

Dec. 29, 2012

Note 4: Inventories

Inventories by major classification as of 2012 and 2011 year end are as follows:


(Amounts in millions)	2012		2011
Finished goods	$	353.6	$	343.8
Work in progress		38.6		32.2
Raw materials		83.8		80.5

Total FIFO value		476.0		456.5
Excess of current cost over LIFO cost		(71.8)		(70.1)

Total inventories – net	$	404.2	$	386.4

Inventories accounted for using the FIFO method as of 2012 and 2011 year end approximated 60% and 62%, respectively, of total inventories. The company accounts for its non-U.S. inventory on the FIFO method. As of 2012 year end, approximately 26% of the company’s U.S. inventory was accounted for using the FIFO method and 74% was accounted for using the LIFO method. There were no LIFO inventory liquidations in 2012, 2011 or 2010.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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