Note 4: Inventories

Inventories by major classification are as follows:


(Amounts in millions)	July 4, 2015		January 3, 2015
Finished goods	$	437.6	$	415.3
Work in progress		45.7		45.3
Raw materials		88.9		87.5

Total FIFO value		572.2		548.1
Excess of current cost over LIFO cost		(73.0)		(72.6)

Total inventories – net	$	499.2	$	475.5

Inventories accounted for using the first-in, first-out (“FIFO”) method as of July 4, 2015, and January 3, 2015, approximated 59% and 58%, respectively, of total inventories. The company accounts for its non-U.S. inventory on the FIFO method. As of July 4, 2015, approximately 33% of the company’s U.S. inventory was accounted for using the FIFO method and 67% was accounted for using the last-in, first-out (“LIFO”) method. There were no LIFO inventory liquidations in the three and six month periods ended July 4, 2015, or June 28, 2014.