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INVENTORIES | 12 Months Ended
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Jan. 02, 2021
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES
(Millions of Dollars) | 2020 |  | 2019
Finished products | $ | 1,922.5 |  |  | $ | 1,526.0 |
Work in process | 222.3 |  |  | 162.0 |
Raw materials | 592.6 |  |  | 567.0 |
Total | $ | 2,737.4 |  |  | $ | 2,255.0 |
Net inventories in the amount of $1.3 billion at January 2, 2021 and $1.1 billion at December 28, 2019 were valued at the lower of LIFO cost or market. If the LIFO method had not been used, inventories would have been higher than reported by $52.5 million at January 2, 2021 and $78.1 million at December 28, 2019. As part of the CAM acquisition in the first quarter of 2020, the Company acquired net inventory with an estimated fair value of $124.3 million. Refer to Note E, Acquisitions and Investments, for further discussion of the CAM acquisition.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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