A 351 has a 4.00" bore X 3.50" stroke. The formula to calculate displacement is pi X radius of the bore squared X stroke X number of cylinders. Of course, radius of the cylinder is half the bore.
Pi = 3.14159, so a 351's displacement is 3.14159 X 2.00 X 2.00 X 3.50 X 8 = 351.86; actually a 352 -- but Ford called it a 351 to distinguish it from the old FE block-based 352 from years ago.
.040 over means the bore is 4.04" instead of 4.00.
So, 3.14159 X 2.02 X 2.02 X 3.50 X 8 = 358.93 - call it a 358 if you like.