Inventories

3 Months Ended

Apr. 02, 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 (in thousands):

	April 2, 2022			January 1, 2022
Finished products	$	153,483		$	137,187
Materials and work in process	107,370			91,996
LIFO allowance	(54,292)			(47,592)
Total inventories, net	$	206,561		$	181,591
Inventory valued by the LIFO costing method	87		%	84		%

In addition to the LIFO allowance, the Corporation recorded inventory allowances of $20.0 million and $19.9 million as of April 2, 2022 and January 1, 2022, respectively, to adjust for excess and obsolete inventory or otherwise reduce FIFO-basis inventory to net realizable value.