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Inventories

3 Months Ended

Mar. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories by major classification are as follows:

(Amounts in millions)			March 30, 2024						December 30, 2023
Finished goods			$	846.3					$	874.6
Work in progress			76.5						76.1
Raw materials			168.3						171.1
Total FIFO value			1,091.1						1,121.8
Excess of current cost over LIFO cost			(120.6)						(115.9)
Total inventories – net			$	970.5					$	1,005.9

Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 59% of total inventories as of both March 30, 2024, and December 30, 2023. The company accounts for its non-U.S. inventory on the FIFO method. As of March 30, 2024, 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 months ended March 30, 2024, or April 1, 2023.

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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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