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Inventories

12 Months Ended

Dec. 30, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories by major classification as of 2023 and 2022 year end are as follows:

(Amounts in millions)						2023						2022
Finished goods						$	874.6					$	882.2
Work in progress						76.1						77.2
Raw materials						171.1						182.3
Total FIFO value						1,121.8						1,141.7
Excess of current cost over LIFO cost						(115.9)						(108.6)
Total inventories – net						$	1,005.9					$	1,033.1

Inventories accounted for using the FIFO method approximated 59% and 61% of total inventories as of 2023 and 2022 year end, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of 2023 year end, approximately 36% of the company’s U.S. inventory was accounted for using the FIFO method and 64% was accounted for using the LIFO method. There were no LIFO inventory liquidations in 2023, 2022 or 2021.

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- References

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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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