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INVENTORIES

3 Months Ended

Apr. 05, 2015

We value the majority of our U.S. inventories under the last-in, first-out (“LIFO”) method and the remaining inventories at the lower of first-in, first-out (“FIFO”) cost or market. Inventories were as follows:



	April 5, 2015			December 31, 2014
Raw materials	$	345,622		$	377,620
Goods in process	97,079			63,916
Finished goods	516,661			531,608
Inventories at FIFO	959,362			973,144
Adjustment to LIFO	(213,601		)	(172,108		)
Total inventories	$	745,761		$	801,036

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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