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Inventories

9 Months Ended

Sep. 29, 2018

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories by major classification are as follows:

(Amounts in millions)	September 29, 2018				December 30, 2017
Finished goods	$	585.2			$	541.9
Work in progress	53.4				49.3
Raw materials	129.4				122.7
Total FIFO value	768.0				713.9
Excess of current cost over LIFO cost	(77.4		)		(75.1		)
Total inventories – net	$	690.6			$	638.8

Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 61% of total inventories as of both September 29, 2018, and December 30, 2017. The company accounts for its non-U.S. inventory on the FIFO method. As of September 29, 2018, approximately 35% of the company’s U.S. inventory was accounted for using the FIFO method and 65% was accounted for using the last-in, first-out (“LIFO”) method. There were no LIFO inventory liquidations in the three and nine months ended September 29, 2018, or September 30, 2017.

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- References

No definition available.

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- Definition

The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-URI http://asc.fasb.org/topic&trid=2126998

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