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Inventories

6 Months Ended

Jun. 29, 2019

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories by major classification are as follows:

(Amounts in millions)	June 29, 2019				December 29, 2018
Finished goods	$	622.9			$	577.0
Work in progress	54.4				51.7
Raw materials	129.9				123.5
Total FIFO value	807.2				752.2
Excess of current cost over LIFO cost	(81.4		)		(78.4		)
Total inventories – net	$	725.8			$	673.8

Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 60% and 61% of total inventories as of June 29, 2019, and December 29, 2018, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of June 29, 2019, approximately 34% of the company’s U.S. inventory was accounted for using the FIFO method and 66% was accounted for using the last-in, first-out (“LIFO”) method. There were no LIFO inventory liquidations in the three and six months ended June 29, 2019 or June 30, 2018.

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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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-URI http://asc.fasb.org/topic&trid=2126998

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