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Inventories | 6 Months Ended
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Jul. 02, 2022
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories by major classification are as follows:
(Amounts in millions) | July 2, 2022 |  | January 1, 2022
Finished goods | $ | 756.7 |  |  | $ | 686.5 |
Work in progress | 69.7 |  |  | 64.3 |
Raw materials | 157.6 |  |  | 140.2 |
Total FIFO value | 984.0 |  |  | 891.0 |
Excess of current cost over LIFO cost | (90.7) |  |  | (87.2) |
Total inventories – net | $ | 893.3 |  |  | $ | 803.8 |
Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 61% and 60% of total inventories as of July 2, 2022, and January 1, 2022, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of July 2, 2022, approximately 36% of the company’s U.S. inventory was accounted for using the FIFO method and 64% was accounted for using the last-in, first-out (“LIFO”) method. There were no LIFO inventory liquidations in the three and six months ended July 2, 2022, or July 3, 2021.

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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 https://asc.fasb.org/topic&trid=2126998 + Details
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