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Inventories | 3 Months Ended
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Mar. 30, 2024
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using standard costing, which approximates actual cost on a first-in, first-out method. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs. The Company records reserves for inventory in excess of production and/or forecasted requirements and for obsolete inventory in production and service inventories. A summary of inventories is shown below (in millions):
| March 30, 2024 |  | December 31, 2023
Raw materials | $ | 1,291.0 |  |  | $ | 1,260.7 |
Work-in-process | 141.8 |  |  | 141.0 |
Finished goods | 500.7 |  |  | 540.8 |
Reserves | (198.1) |  |  | (184.5) |
Inventories | $ | 1,735.4 |  |  | $ | 1,758.0 |

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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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