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INVENTORIES | 12 Months Ended
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Oct. 31, 2014
INVENTORIES |
INVENTORIES | 15. INVENTORIES Most inventories owned by Deere & Company and its U.S. equipment subsidiaries are valued at cost, on the “last-in, first-out” (LIFO) basis. Remaining inventories are generally valued at the lower of cost, on the “first-in, first-out” (FIFO) basis, or market. The value of gross inventories on the LIFO basis represented 65 percent and 63 percent of worldwide gross inventories at FIFO value at October 31, 2014 and 2013 respectively. The pretax favorable income effect from the liquidation of LIFO inventory during 2014 was approximately $13 million. If all inventories had been valued on a FIFO basis, estimated inventories by major classification at October 31 in millions of dollars would have been as follows:
|  | 2014 |  | 2013 |
Raw materials and supplies |  | $ | 1,724 |  | $ | 1,954 |
Work-in-process |  | 654 |  | 753 |
Finished goods and parts |  | 3,360 |  | 3,757 |
Total FIFO value |  | 5,738 |  | 6,464 |
Less adjustment to LIFO value |  | 1,528 |  | 1,529 |
Inventories |  | $ | 4,210 |  | $ | 4,935 |

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- Definition The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a, b, c -Article 5 + Details
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