INVENTORIES

12 Months Ended

Jan. 02, 2021

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

(Millions of Dollars)	2020		2019
Finished products	$	1,922.5	$	1,526.0
Work in process	222.3		162.0
Raw materials	592.6		567.0
Total	$	2,737.4	$	2,255.0

Net inventories in the amount of $1.3 billion at January 2, 2021 and $1.1 billion at December 28, 2019 were valued at the lower of LIFO cost or market. If the LIFO method had not been used, inventories would have been higher than reported by $52.5 million at January 2, 2021 and $78.1 million at December 28, 2019.

As part of the CAM acquisition in the first quarter of 2020, the Company acquired net inventory with an estimated fair value of

$124.3 million. Refer to Note E, Acquisitions and Investments (as Restated), for further discussion of the CAM acquisition.