Inventories

12 Months Ended

Jan. 01, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories by major classification as of 2021 and 2020 year end are as follows:

(Amounts in millions)	2021		2020
Finished goods	$	686.5	$	643.4
Work in progress	64.3		61.6
Raw materials	140.2		125.5
Total FIFO value	891.0		830.5
Excess of current cost over LIFO cost	(87.2)		(84.0)
Total inventories – net	$	803.8	$	746.5

Inventories accounted for using the FIFO method approximated 60% and 57% of total inventories as of 2021 and 2020 year end, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of 2021 year end, approximately 33% of the company’s U.S. inventory was accounted for using the FIFO method and 67% was accounted for using the LIFO method. There were no LIFO inventory liquidations in 2021, 2020 or 2019.