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INVENTORIES | 12 Months Ended
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Jan. 01, 2022
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES
(Millions of Dollars) | 2021 |  | 2020
Finished products | $ | 3,508.1 |  |  | $ | 1,883.6 |
Work in process | 393.9 |  |  | 169.2 |
Raw materials | 1,544.8 |  |  | 586.1 |
Total | $ | 5,446.8 |  |  | $ | 2,638.9 |
Net inventories in the amount of $2.6 billion at January 1, 2022 and $1.3 billion at January 2, 2021 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 $228.5 million at January 1, 2022 and $45.8 million at January 2, 2021. As part of the MTD and Excel acquisitions in the fourth quarter of 2021, the Company acquired inventory with an estimated fair value of $900.7 million and $49.9 million, respectfully. Refer to Note E, Acquisitions and Investments, for further discussion.

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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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