Inventories

9 Months Ended

Sep. 26, 2020

Inventories by major classification are as follows:


(Amounts in millions)	September 26, 2020		December 28, 2019
Finished goods	$	664.8	$	661.0
Work in progress	59.3		57.1
Raw materials	124.5		126.8
Total FIFO value	848.6		844.9
Excess of current cost over LIFO cost	(84.2)		(84.5)
Total inventories – net	$	764.4	$	760.4

Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 56% and 58% of total inventories as of September 26, 2020 and December 28, 2019, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of September 26, 2020, approximately 29% of the company’s U.S. inventory was accounted for using the FIFO method and 71% was accounted for using the last-in, first-out (“LIFO”) method. There were no LIFO inventory liquidations in the three and nine months ended September 26, 2020, or September 28, 2019.