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Inventories | 6 Months Ended
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Jul. 01, 2023
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 1, 2023 |  | December 31, 2022
Finished products, net | $ | 148.1 |  |  | $ | 121.0 |
Materials and work in process, net | 140.6 |  |  | 112.8 |
LIFO allowance | (54.0) |  |  | (53.7) |
Total inventories, net | $ | 234.8 |  |  | $ | 180.1 |
Inventory valued by the LIFO costing method | 91 | % |  | 91 | %
The increase in inventory during the current year-to-date period is primarily due to the acquisition of Kimball International. Balances as of July 1, 2023 in the table above exclude amounts classified as held for sale. See "Note 17. 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 $15.0 million and $14.9 million as of July 1, 2023 and December 31, 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 -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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