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Inventories | 6 Months Ended
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Jun. 29, 2024
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:
| June 29, 2024 |  | December 30, 2023
Finished products, net | $ | 143.9 |  |  | $ | 112.9 |
Materials and work in process, net | 123.4 |  |  | 128.2 |
LIFO allowance | (44.5) |  |  | (44.5) |
Total inventories, net | $ | 222.8 |  |  | $ | 196.6 |
Inventory valued by the LIFO costing method | 93 | % |  | 91 | %
The year-to-date increase in the net inventory balance was driven by seasonality in both the workplace furnishings and residential building products segments. In addition to the LIFO allowance, the Corporation recorded inventory allowances reducing finished products, materials, and work in process of $15.0 million and $14.2 million as of June 29, 2024 and December 30, 2023, 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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