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Inventories

12 Months Ended

Jan. 03, 2015

Note 4: Inventories

Inventories by major classification as of 2014 and 2013 year end are as follows:


(Amounts in millions)	2014		2013
Finished goods	$	415.3	$	374.7
Work in progress		45.3		45.0
Raw materials		87.5		87.3

Total FIFO value		548.1		507.0
Excess of current cost over LIFO cost		(72.6)		(72.6)

Total inventories – net	$	475.5	$	434.4

Inventories accounted for using the FIFO method as of 2014 and 2013 year end approximated 58% and 60%, respectively, of total inventories. The company accounts for its non-U.S. inventory on the FIFO method. As of 2014 year end, approximately 31% of the company’s U.S. inventory was accounted for using the FIFO method and 69% was accounted for using the LIFO method. There were no LIFO inventory liquidations in 2014, 2013 or 2012.

- 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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