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Inventories | 3 Months Ended
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Apr. 02, 2016
Inventory Disclosure [Abstract] |
Inventories | Note 4: Inventories Inventories by major classification are as follows:
|  | April 2, |  |  | January 2, |
(Amounts in millions) |  | 2016 |  |  | 2016 |
Finished goods |  | $ | 449.4 |  |  | $ | 437.9 |
Work in progress |  |  | 43.5 |  |  |  | 42.9 |
Raw materials |  |  | 92.0 |  |  |  | 90.3 |
Total FIFO value |  |  | 584.9 |  |  |  | 571.1 |
Excess of current cost over LIFO cost |  |  | (73.3 | ) |  |  | (73.3 | )
Total inventories – net |  | $ | 511.6 |  |  | $ | 497.8 |
Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 57% of total inventories as of both April 2, 2016, and January 2, 2016. The company accounts for its non-U.S. inventory on the FIFO method. As of April 2, 2016, approximately 30% of the company’s U.S. inventory was accounted for using the FIFO method and 70% was accounted for using the last-in, first-out (“LIFO”) method. There were no LIFO inventory liquidations in the three month periods ended April 2, 2016, or April 4, 2015.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a, b, c -Article 5 + Details
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