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Inventories | 6 Months Ended
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Jul. 01, 2023
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories by major classification are as follows:
(Amounts in millions) | July 1, 2023 |  | December 31, 2022
Finished goods | $ | 892.2 |  |  | $ | 882.2 |
Work in progress | 77.0 |  |  | 77.2 |
Raw materials | 187.0 |  |  | 182.3 |
Total FIFO value | 1,156.2 |  |  | 1,141.7 |
Excess of current cost over LIFO cost | (110.1) |  |  | (108.6) |
Total inventories – net | $ | 1,046.1 |  |  | $ | 1,033.1 |
Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 60% and 61% of total inventories as of July 1, 2023, and December 31, 2022, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of July 1, 2023, approximately 37% of the company’s U.S. inventory was accounted for using the FIFO method and 63% 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 1, 2023, or July 2, 2022.

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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 -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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