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Inventories

12 Months Ended

Jan. 02, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories by major classification as of 2020 and 2019 year end are as follows:

(Amounts in millions)						2020						2019
Finished goods						$	643.4					$	661.0
Work in progress						61.6						57.1
Raw materials						125.5						126.8
Total FIFO value						830.5						844.9
Excess of current cost over LIFO cost						(84.0)						(84.5)
Total inventories – net						$	746.5					$	760.4

Inventories accounted for using the FIFO method approximated 57% and 58% of total inventories as of 2020 and 2019 year end, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of 2020 year end, approximately 30% of the company’s U.S. inventory was accounted for using the FIFO method and 70% was accounted for using the LIFO method. There were no LIFO inventory liquidations in 2020, 2019 or 2018.

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- References

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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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