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Inventories

9 Months Ended

Sep. 28, 2024

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:


	September 28, 2024			December 30, 2023

Finished products, net	$	133.9		$	112.9
Materials and work in process, net	120.9			128.2
LIFO allowance	(44.5)			(44.5)
Total inventories, net	$	210.3		$	196.6

Inventory valued by the LIFO costing method	90		%	91		%

The year-to-date increase in the net inventory balance was driven by seasonality in the residential building products segment.

In addition to the LIFO allowance, the Corporation recorded inventory allowances reducing finished products, materials, and work in process of $14.3 million and $14.2 million as of September 28, 2024 and December 30, 2023, respectively, to adjust for excess and obsolete inventory or otherwise reduce FIFO-basis inventory to net realizable value.