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Inventories

6 Months Ended

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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- References

No definition available.

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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

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