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INVENTORIES, NET | 6 Months Ended
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Jun. 29, 2024
Inventory Disclosure [Abstract] |
INVENTORIES, NET | INVENTORIES The following table summarizes our inventories.
As of the Period Ended | June 29, 2024 |  | December 31, 2023
Raw materials | $ | 354.9 |  |  | $ | 366.6 |
Work in process | 112.1 |  |  | 111.8 |
Finished goods | 97.3 |  |  | 97.0 |
Inventories | $ | 564.3 |  |  | $ | 575.4 |
Government Assistance (ASU 2021-10) ASU 2021-10 requires entities to provide information about the nature of transactions, related policies and effect of government grants on an entity’s financial statements. In particular, in Italy, to qualify for an energy subsidy a company must apply for and receive a certificate attesting that the company is an "energy and gas consuming company" (high energy consumption connected to the production cycle). The amount of subsidies granted is calculated based on a percentage of actual consumption, ranging from 25% to 40%. One of our Italian subsidiaries within our MT segment obtained this certificate and was granted energy subsidies from the Italian government beginning in April 2022. This program concluded in the second quarter of 2023. Accordingly, no energy subsidies were granted for the three or six months ended June 29, 2024. For the three and six months ended July 1, 2023, we recognized a benefit of $2.4 and $6.3, respectively, related to energy subsidies, which we recorded within Costs of revenue in our Consolidated Condensed Statements of Operations. There was no other material government assistance received by the Company or any of our subsidiaries during the periods.

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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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