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Inventories
9 Months Ended
Oct. 03, 2020
Inventory Disclosure [Abstract]  
Inventories

(4) Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs. 

A summary of inventories is shown below (in millions):

 

 

October 3,

2020

 

 

December 31,

2019

 

Raw materials

 

$

954.7

 

 

$

906.3

 

Work-in-process

 

 

110.4

 

 

 

107.0

 

Finished goods

 

 

364.9

 

 

 

380.4

 

Reserves

 

 

(164.4

)

 

 

(135.5

)

Inventories

 

$

1,265.6

 

 

$

1,258.2