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INVENTORIES, NET | 12 Months Ended
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Dec. 30, 2023
Inventory Disclosure [Abstract] |
INVENTORIES, NET | INVENTORIES, NET
(Millions of Dollars) | December 30, 2023 |  | December 31, 2022
Finished products | $ | 2,912.5 |  |  | $ | 3,460.8 |
Work in process | 263.4 |  |  | 338.7 |
Raw materials | 1,562.7 |  |  | 2,061.6 |
Total | $ | 4,738.6 |  |  | $ | 5,861.1 |
Net inventories in the amount of $2.8 billion at December 30, 2023 and $3.4 billion at December 31, 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 $256.1 million at December 30, 2023 and $486.9 million at December 31, 2022.

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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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