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Inventories | 6 Months Ended
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Jun. 29, 2024
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories by major classification are as follows:
(Amounts in millions) | June 29, 2024 |  | December 30, 2023
Finished goods | $ | 840.8 |  |  | $ | 874.6 |
Work in progress | 79.5 |  |  | 76.1 |
Raw materials | 166.9 |  |  | 171.1 |
Total FIFO value | 1,087.2 |  |  | 1,121.8 |
Excess of current cost over LIFO cost | (122.2) |  |  | (115.9) |
Total inventories – net | $ | 965.0 |  |  | $ | 1,005.9 |
Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 59% of total inventories as of both June 29, 2024, and December 30, 2023. The company accounts for its non-U.S. inventory on the FIFO method. As of June 29, 2024, 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 June 29, 2024, or July 1, 2023.

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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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