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.