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Inventories

9 Months Ended

Oct. 01, 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:

			October 1, 2022						January 1, 2022
						Finished products						$	156.0					$	137.2
Materials and work in process			123.8						92.0
LIFO allowance			(57.6)						(47.6)
Total inventories, net			$	222.2					$	181.6
Inventory valued by the LIFO costing method			90		%				84		%

In addition to the LIFO allowance, the Corporation recorded inventory allowances of $15.0 million and $19.9 million as of October 1, 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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- References

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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

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