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Inventories

12 Months Ended

Dec. 28, 2019

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories by major classification as of 2019 and 2018 year end are as follows:

(Amounts in millions)						2019						2018
Finished goods						$	661.0					$	577.0
Work in progress						57.1						51.7
Raw materials						126.8						123.5
Total FIFO value						844.9						752.2
Excess of current cost over LIFO cost						(84.5)						(78.4)
Total inventories – net						$	760.4					$	673.8

Inventories accounted for using the FIFO method approximated 58% and 61% of total inventories as of 2019 and 2018 year end, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of 2019 year end, approximately 32% of the company’s U.S. inventory was accounted for using the FIFO method and 68% was accounted for using the LIFO method. There were no LIFO inventory liquidations in 2019, 2018 or 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://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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