Note 4: Inventories

Inventories by major classification are as follows:


	October 3,			January 3,
(Amounts in millions)	2015			2015
Finished goods	$	462.0		$	415.3
Work in progress		44.0			45.3
Raw materials		94.9			87.5

Total FIFO value		600.9			548.1
Excess of current cost over LIFO cost		(73.2	)		(72.6	)

Total inventories – net	$	527.7		$	475.5

Inventories accounted for using the first-in, first-out (“FIFO”) method as of October 3, 2015, and January 3, 2015, approximated 56% and 58%, respectively, of total inventories. The company accounts for its non-U.S. inventory on the FIFO method. As of October 3, 2015, 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 3, 2015, or September 27, 2014.