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INVENTORIES | 12 Months Ended
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Oct. 29, 2017
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 net realizable value. The value of gross inventories on the LIFO basis represented 61 percent of worldwide gross inventories at FIFO value at both October 29, 2017 and October 30, 2016, respectively. The pretax favorable income effect from the liquidation of LIFO inventory during 2016 was approximately $4 million. If all inventories had been valued on a FIFO basis, estimated inventories by major classification at October 29, 2017 and October 30, 2016 in millions of dollars would have been as follows:
|  | 2017 |  | 2016 |
Raw materials and supplies |  | $ | 1,688 |  | $ | 1,369 |
Work-in-process |  |  | 495 |  |  | 453 |
Finished goods and parts |  |  | 3,182 |  |  | 2,976 |
Total FIFO value |  |  | 5,365 |  |  | 4,798 |
Less adjustment to LIFO value |  |  | 1,461 |  |  | 1,457 |
Inventories |  | $ | 3,904 |  | $ | 3,341 |

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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