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Inventories | 6 Months Ended
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Jul. 02, 2022
Inventory Disclosure [Abstract] |
Inventories | Inventories The Corporation's residential building products inventories, and a majority of its workplace furnishings inventories, are valued at cost, on the "last-in, first-out" (LIFO) basis. Remaining inventories are generally valued at the lower of cost, on the "first-in, first-out" (FIFO) basis, or net realizable value. Inventories included in the Condensed Consolidated Balance Sheets consisted of the following:
| July 2, 2022 |  | January 1, 2022
Finished products | $ | 166.2 |  |  | $ | 137.2 |
Materials and work in process | 116.3 |  |  | 92.0 |
LIFO allowance | (55.6) |  |  | (47.6) |
Total inventories, net | $ | 227.0 |  |  | $ | 181.6 |
Inventory valued by the LIFO costing method | 91 | % |  | 84 | %
Balances as of July 2, 2022 in the table above exclude amounts classified as held for sale. See "Note 15. Business Held for Sale" in the Notes to Condensed Consolidated Financial Statements for further information. In addition to the LIFO allowance, the Corporation recorded inventory allowances of $18.7 million and $19.9 million as of July 2, 2022 and January 1, 2022, respectively, to adjust for excess and obsolete inventory or otherwise reduce FIFO-basis inventory to net realizable value.

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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 https://asc.fasb.org/topic&trid=2126998 + Details
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