Inventories |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 08, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | InventoriesInventories are stated at the lower of cost or market. We used the last in, first out (“LIFO”) method of accounting for approximately 90.8% of inventories as of October 8, 2022 and 89.8% of inventories as of January 1, 2022. Under the LIFO method, our Cost of sales reflects the costs of the most recently purchased inventories, while the inventory carrying balance represents the costs for inventories purchased in the forty weeks ended October 8, 2022 and prior years. As a result of changes in the LIFO reserve, we recorded an increase to Cost of sales of $67.5 million and $29.4 million for the twelve weeks ended October 8, 2022 and October 9, 2021 and an increase to Cost of sales of $240.8 million and $71.6 million for the forty weeks ended October 8, 2022 and October 9, 2021 to state inventories at LIFO. An actual valuation of inventory under the LIFO method is performed by us at the end of each year based on inventory levels and carrying costs at that time. Accordingly, interim LIFO calculations are based on our estimates of expected inventory levels and costs at the end of the year. Inventory balances were as follows:
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