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INVENTORIES | 12 Months Ended
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Dec. 31, 2017
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES Inventories primarily consist of merchandise purchased for resale. Inventories would have been $382 million higher than reported at December 31, 2017 and December 31, 2016, if the FIFO method of inventory accounting had been used for all the Company inventories. Net earnings would have decreased by $1 million, $3 million and $1 million for the years ended December 31, 2017, 2016 and 2015, respectively, using the FIFO method of accounting. Inventory values using the FIFO method of accounting approximate replacement cost. The Company records provisions for the difference between excess and obsolete inventory cost and its estimated realizable value. The following table shows the activity in the reserves for excess and obsolete inventory (in thousands of dollars):
| For the Years Ended December 31,
| 2017 |  | 2016
Balance at beginning of period | $ | (191,514 | ) |  | $ | (168,105 | )
Provision for excess and obsolete inventory | (24,829 | ) |  | (58,485 | )
Disposal of unsaleable inventory | 29,442 |  |  | 30,161 |
Other | (6,547 | ) |  | 4,915 |
Balance at end of period | $ | (193,448 | ) |  | $ | (191,514 | )

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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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