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INVENTORIES, NET

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

INVENTORIES, NET

INVENTORIES, NET

(Millions of Dollars)			December 31, 2022						January 1, 2022
Finished products			$	3,460.8					$	3,486.2
Work in process			338.7						394.8
Raw materials			2,061.6						1,538.9
Total			$	5,861.1					$	5,419.9

Net inventories in the amount of $3.4 billion at December 31, 2022 and $2.6 billion at January 1, 2022 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 $486.9 million at December 31, 2022 and $215.6 million at January 1, 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-URI https://asc.fasb.org/topic&trid=2126998

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