Note 4: Inventories

Inventories by major classification are as follows:


	July 2,			January 2,
(Amounts in millions)	2016			2016
Finished goods	$	442.7		$	437.9
Work in progress		42.8			42.9
Raw materials		94.9			90.3

Total FIFO value		580.4			571.1
Excess of current cost over LIFO cost		(73.3	)		(73.3	)

Total inventories – net	$	507.1		$	497.8

Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 59% and 57% of total inventories as of July 2, 2016, and January 2, 2016, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of July 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 and six month periods ended July 2, 2016, or July 4, 2015.