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INVENTORIES

12 Months Ended

Dec. 31, 2018

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

Inventories primarily consist of merchandise purchased for resale. Inventories would have been $394 million and $382 million higher than reported at December 31, 2018 and December 31, 2017, respectively, if the FIFO method of inventory accounting had been used for all the Company inventories. Net earnings would have increased by $8 million, and decreased by $1 million and $3 million for the years ended December 31, 2018, 2017 and 2016, respectively, using the FIFO method of accounting. Inventory values using the FIFO method of accounting approximate replacement cost.

The following table shows the activity in the reserves for excess and obsolete inventory (in millions of dollars):

	For the Years Ended December 31,
	2018				2017
Balance at beginning of period	$	(193	)		$	(191	)
Provision for excess and obsolete inventory	(20		)		(25		)
Disposal of unsaleable inventory	55				29
Other	4				(6		)
Balance at end of period	$	(154	)		$	(193	)

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- References

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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

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