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Inventories | 9 Months Ended
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Sep. 28, 2024
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories by major classification are as follows:
(Amounts in millions) | September 28, 2024 |  | December 30, 2023
Finished goods | $ | 873.3 |  |  | $ | 874.6 |
Work in progress | 78.4 |  |  | 76.1 |
Raw materials | 169.8 |  |  | 171.1 |
Total FIFO value | 1,121.5 |  |  | 1,121.8 |
Excess of current cost over LIFO cost | (125.7) |  |  | (115.9) |
Total inventories – net | $ | 995.8 |  |  | $ | 1,005.9 |
Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 58% and 59% of total inventories as of September 28, 2024, and December 30, 2023. The company accounts for its non-U.S. inventory on the FIFO method. As of September 28, 2024, approximately 35% of the company’s U.S. inventory was accounted for using the FIFO method and 65% was accounted for using the last-in, first-out (“LIFO”) method. There were no LIFO inventory liquidations in the three and nine month periods ended September 28, 2024, and September 30, 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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