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Inventories | 12 Months Ended
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Jan. 01, 2022
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories by major classification as of 2021 and 2020 year end are as follows:
(Amounts in millions) |  | 2021 |  | 2020
Finished goods |  | $ | 686.5 |  |  | $ | 643.4 |
Work in progress |  | 64.3 |  |  | 61.6 |
Raw materials |  | 140.2 |  |  | 125.5 |
Total FIFO value |  | 891.0 |  |  | 830.5 |
Excess of current cost over LIFO cost |  | (87.2) |  |  | (84.0) |
Total inventories – net |  | $ | 803.8 |  |  | $ | 746.5 |
Inventories accounted for using the FIFO method approximated 60% and 57% of total inventories as of 2021 and 2020 year end, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of 2021 year end, approximately 33% of the company’s U.S. inventory was accounted for using the FIFO method and 67% was accounted for using the LIFO method. There were no LIFO inventory liquidations in 2021, 2020 or 2019.

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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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