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Inventories

9 Months Ended

Sep. 28, 2019

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories by major classification are as follows:

(Amounts in millions)			September 28, 2019						December 29, 2018
Finished goods			$	650.8					$	577.0
Work in progress			55.2						51.7
Raw materials			130.0						123.5
Total FIFO value			836.0						752.2
Excess of current cost over LIFO cost			(82.5)						(78.4)
Total inventories – net			$	753.5					$	673.8

Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 58% and 61% of total inventories as of September 28, 2019, and December 29, 2018, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of September 28, 2019, approximately 32% of the company’s U.S. inventory was accounted for using the FIFO method and 68% 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 28, 2019, or September 29, 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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