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Inventories

12 Months Ended

Dec. 28, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories by major classification as of 2024 and 2023 year end are as follows:

(Amounts in millions)						2024						2023
Finished goods						$	840.1					$	874.6
Work in progress						72.5						76.1
Raw materials						153.2						171.1
Total FIFO value						1,065.8						1,121.8
Excess of current cost over LIFO cost						(122.4)						(115.9)
Total inventories – net						$	943.4					$	1,005.9

Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 57% and 59% of total inventories as of 2024 and 2023 year end, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of 2024 year end, 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 2024, 2023 or 2022.

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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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