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Inventories | 3 Months Ended
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Apr. 03, 2021
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories by major classification are as follows:
(Amounts in millions) | April 3, 2021 |  | January 2, 2021
Finished goods | $ | 625.8 |  |  | $ | 643.4 |
Work in progress | 63.7 |  |  | 61.6 |
Raw materials | 124.9 |  |  | 125.5 |
Total FIFO value | 814.4 |  |  | 830.5 |
Excess of current cost over LIFO cost | (84.3) |  |  | (84.0) |
Total inventories – net | $ | 730.1 |  |  | $ | 746.5 |
Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 55% and 57% of total inventories as of April 3, 2021 and January 2, 2021, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of April 3, 2021, approximately 27% of the company’s U.S. inventory was accounted for using the FIFO method and 73% was accounted for using the last-in, first-out (“LIFO”) method. There were no LIFO inventory liquidations in the three months ended April 3, 2021, or March 28, 2020.

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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 + Details
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