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INVENTORIES, NET | 6 Months Ended
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Jun. 27, 2020
Inventory Disclosure [Abstract] |
INVENTORIES, NET | INVENTORIES, NET Inventories at June 27, 2020 and December 31, 2019 comprised the following:
| June 27, 2020 |  | December 31, 2019
Finished goods | $ | 67.4 |  |  | $ | 57.6 |
Work in process | 22.1 |  |  | 19.3 |
Raw materials and purchased parts | 105.4 |  |  | 90.3 |
Total FIFO cost | 194.9 |  |  | 167.2 |
Excess of FIFO cost over LIFO inventory value | (13.3) |  |  | (12.3) |
Total inventories, net | $ | 181.6 |  |  | $ | 154.9 |
Inventories include material, labor and factory overhead costs and are reduced, when necessary, to estimated net realizable values. Certain inventories are valued using the last-in, first-out (“LIFO”) method. These inventories were approximately 42% and 36% of total inventory at June 27, 2020 and December 31, 2019, respectively. Other inventories are valued using the first-in, first-out (“FIFO”) method.

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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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