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INVENTORIES, NET | 6 Months Ended
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Jul. 03, 2021
Inventory Disclosure [Abstract] |
INVENTORIES, NET | INVENTORIES, NET Inventories at July 3, 2021 and December 31, 2020 comprised the following:
| July 3, 2021 |  | December 31, 2020
Finished goods | $ | 57.3 |  |  | $ | 49.4 |
Work in process | 20.6 |  |  | 21.3 |
Raw materials and purchased parts | 92.2 |  |  | 84.3 |
Total FIFO cost | 170.1 |  |  | 155.0 |
Excess of FIFO cost over LIFO inventory value | (12.4) |  |  | (11.9) |
Total inventories, net | $ | 157.7 |  |  | $ | 143.1 |
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 31% and 35% of total inventory at July 3, 2021 and December 31, 2020, 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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